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Steadfast Snares First MF in Virginia for $30M
Steadfast Apartment REIT III, Inc. acquired Cottage Trails at Culpepper Landing, a Class A 183-unit garden-style apartment-home community located in Chesapeake, VA from Robinson Development Group for roughly $30.1 million. Completed in 2015, the 91%-occupied property includes eight three-story buildings with one, two and three-bedroom apartment homes that average 1,082 square feet.
Steadfast Apartment REIT III, Inc.’s Ella Neyland says, “We are very pleased that our first Virginia property is in the Hamptons Roads MSA, an area that was particularly attractive to us due to its expanding employment opportunities within the military and healthcare industries.”
The new owner plans to replace laminate countertops with quartz countertops in the kitchens and bathrooms, when turning apartments between residents. Select enhancements will also be made to amenities and common areas, including renovating and updating the clubhouse and cyber café, installing bike racks and enhancing the grilling areas.
CBRE brokered the sale.
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