Cornerstone Acquires Waterford Apartments in a $22.5 Million Transaction

MIDLOTHIAN, VA-Waterford Apartments, the 26-building luxury apartment complex, commands $22.5 million in the property's sale to Richmond, Virginia's Cornerstone Realty Income Trust, Inc. The 312-unit garden-style complex covers 31 acres and is 95% occupied.

By Barbra Murray | December 14, 2001 at 01:01 AM

'"[The Richmond area] has been and continues to be a very stable profitable market for us," Cornerstone Chairman and CEO Glade M. Knight says. "We are pleased to have further increased our presence here with the acquisition of the Waterford Apartments." The company also owns nearby Henrico County's Chase Gayton Apartments, a similar complex that it purchased for $21.2 million earlier this year.

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