American Landmark Apartments, a multifamily owner-operator, has purchased the Element at Stonebridge, a 400-unit, 360,000-square-foot garden-style community located at 301 Karl Linn Drive, in North Chesterfield, Va. American Landmark has negotiated the sale with the building’s owner, Element at Stonebridge One. The property is subject to a $53 million loan, according to CommercialEdge data. The sale was completed for an undisclosed amount.
The purchase of Element at Stonebridge is American Landmark’s second in Richmond this year, following its acquisition of Boulders Lakeside Apartments, a 248-unit multifamily development, also in North Chesterfield. American Landmark has also continued to pick up more assets in the Mid-Atlantic and Southeast, including multifamily units in Charlotte and Atlanta.
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Constructed in 2017, the Element at Stonebridge is home to a mix of one-and two-bedroom apartments, ranging from 563 to 1,236 square feet. Each unit is equipped with wooden cabinets, granite countertops, a laundry room and an island kitchen. Amenities include a swimming pool, 24-hour fitness center, clubhouse, as well as a courtyard with a fire pit. The community is located within 5 miles of downtown Richmond.
The development’s change of hands takes place during a stabilization of Richmond’s multifamily market in the first half of 2022, following a period of decelerating rent growth, and general economic contraction in the last two quarters of 2021, according to a report from Yardi Matrix. In the last year, city’s occupancy rate rose to 96.9 percent, as both deliveries and transactions of new properties broke records, with 5,591 units delivered, and $2.4 billion in total assets exchanged, according to the same data.
American Landmark Chief Investment Officer Christine DeFilippis explained the purchase in the context of the Richmond multifamily market, telling Multi-Housing News, “We are being selective in Richmond as the American Landmark presence expands within the market. Element at Stonebridge complements Boulders, our last acquisition, and broadens the selection offered to residents. Boulders Lakeside has performed ahead of projections with strong occupancy and lease trade outs and we expect the same with Element.”