Hampton Roads Community Trades for $30M

Robinson Development Group sold the 183-unit property located in Chesapeake, Va. Built in two stages, Cottage Trails at Culpepper Landing came online in 2015.
Cottage Trails at Culpepper Landing
Cottage Trails at Culpepper Landing

Steadfast Apartment REIT III Inc. has purchased Cottage Trails at Culpepper Landing, a 183-unit garden-style apartment community in Chesapeake, Va. Robinson Development Group sold the property for $30.1 million. The transaction represents the buyer’s first Virginia investment. According to Yardi Matrix data, the property was 91.8 percent occupied at the time of the transaction.

Built in two stages, Cottage Trails at Culpepper Landing came online in 2015. The asset’s one-, two- and three-bedroom units range from 780 to 1,386 square feet. Common-area amenities include saltwater swimming pool, fitness and business center, clubhouse and playground. The new owner is planning enhancements, including renovating the clubhouse, installing bike racks, enhancing the grilling areas, as well as replacing kitchen and bathroom countertops.

Developing region

Located at 3000 Conservancy Drive, the community is close to Interstate 64, which provides easy access to downtown Norfolk and Richmond. More than 160 international companies are present in the region. According to Virginia Business, CBRE Hampton Roads brokered the sale along with representatives of the company’s Washington, D.C., office.

“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 health-care industries,” said Steadfast President Ella Neyland, in a prepared statement.

Image courtesy of Yardi Matrix