CBRE Brokers $52.5M Sale of 3 Apartments by Principal Financial

Richmond, Va.—CB Richard Ellis has announced it arranged the sale and financing of a three-property portfolio of multi-housing communities located in Richmond’s West End.

Two properties, Culpeper Farms and The Oaks at Gayton, sold to Colonial Court Apartments Inc. of Richmond for a combined total of $33.35 million. The third property, Sundance Station, located at 3500 Sundance Way, was purchased by Norfolk-based Harbor Group International for $19.25 million.

CBRE’s Washington, D.C. Multi-Housing Group brokered both sales on behalf of the seller Principal Financial Group.

The CBRE Capital Markets Mid-Atlantic Debt & Equity Finance Group arranged for the permanent financing for Colonial Court Apartments.

Built in 1989, Culpeper Farms is a 228-unit garden apartment community comprised of 12 two- and three- story buildings. The Oaks at Gayton is a 220-unit garden community built in 1987 offering one and two-bedroom apartments. Sundance Station, built in 1983, is a 300-unit community.

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