Stonebridge Investments acquires Cooper Spring apartments for $54.2 million
StoneBridge Investments of Washington, D.C. has acquired Copper Spring, a 366-unit apartment community in Henrico County, for $54.2 million. The seller, represented by Eastdil Secured,
was an affiliate of Clarion Partners.
Built in 1989 and renovated in 2006, Copper Spring is located at 3301 Copper Mill Trace, just outside the Richmond city limits.
The property includes 23 two- and three-story garden-style apartment buildings in a 30-acre, wooded suburban setting. An unused 1.25-acre parcel on the site could be developed with additional apartments or amenities.
Copper Spring represents StoneBridge’s first acquisition in the Richmond area. The company said it plans to upgrade the clubhouse and other amenities, as well as some of the residences.
“We were initially attracted to Copper Springs due to its proximity to large employment centers, strong historical operating performance and legacy of high-quality institutional ownership,” William Bateman, director, StoneBridge Investments, said in a statement.
“We are very bullish on Richmond’s fundamentals, and think its long-term prospects are strong,” Kees Bruggen, managing director, StoneBridge Investments, said in a statement. “Led by a strong white-collar employment base, in combination with reasonable living costs, short commuting times, and extensive cultural amenities, Richmond continues to be an attractive live-work-play destination. We intend to remain active in the Richmond market for the foreseeable future.”
ZRS Management, an affiliate of StoneBridge, will manage Copper Springs.
Since 1980, 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. The company’s target markets include the Washington-Baltimore area, the Carolinas, Georgia, Florida, and Texas. It has offices in Washington, D.C., and Amsterdam.