StoneBridge Acquires $54M VA Asset
Copper Spring is a 366-unit, garden-style community in Richmond. At the time of the sale, the property was 97.8 percent leased.
By Keith Loria
StoneBridge has acquired Copper Spring, a 366-unit, garden-style apartment community in the sought-after West End neighborhood of Richmond, Va., for $54.2 million.
HFF arranged $42.8 million in acquisition financing for the property, securing a 10-year, floating-rate loan with Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac multifamily approved seller/servicer for conventional loans.
“This financing opportunity presented the borrower a great opportunity to take advantage of the aggressive financing terms available in today’s capital markets, especially for value-add multi-housing assets,” Nicole Brickhouse, HFF’s director told MHN. “The opportunity was very well received in the marketplace.”
Inside
Copper Spring comprises 23 two- and three-story residential buildings, containing 212 one-bedroom and 154 two-bedroom units averaging 846 square feet.
Amenities include two swimming pools, Wi-Fi, a fitness center, a business center, lighted tennis court, racquetball court, shuffleboard and playground.
Located at 3301 Copper Mill Trace, the property is situated on 29.775 acres and is directly across the street from a shopping center occupied by Costco, Lowe’s, Kroger and Sam’s Club.
According to Brickhouse, the appeal of the property was a combination of the fundamentals of the submarket, institutional ownership, and outstanding location in a prominent submarket.
“The Richmond MSA’s already established economy has experienced meaningful growth in recent years attracting Fortune 500 company headquarters, start-ups, award-winning restaurants, and a highly-educated population,” Brickhouse said. “Copper Spring benefits from its convenient location within Henrico County, a top performing location, that affords accessibility to major employers and economic drivers.”
StoneBridge plans to make upgrades to the pool and grilling areas, add new furniture for the clubhouse, plus expand the fitness center and landscaping throughout the property. Additionally, a light, “limited” renovation program will be implemented in select units including hard-surface flooring, light and appliance upgrades.
At the time of the sale, the property was 97.8 percent leased.
The HFF team also included managing director Elliott Throne.
In its 37-year-history, StoneBridge and its affiliates have acquired and developed more than $1.7 billion in real estate, primarily in the multifamily sector, for foreign and domestic investors.
