RICHMOND—Beaufont Oaks Apartments, a 312-unit property here, has traded for $18.5 million or $59,295 per unit. It is a transaction that its broker, Capstone Apartment Partners, says is the largest multifamily transaction for the city year to date.
Grubb Properties of Charlotte, NC acquired the property from The Related Cos. earlier this month. The buyer assumed both FNMA and VHDA loans for the property, which is 96.2% occupied and constructed in 1982.
Almost half, or 128 of the units, have been renovated and Grubb Properties plans to renovate the remainder as well as implement capital improvements in the coming months. Beau McIntosh, Todd Conner, Brian Ford, and Andrew Klenk of Capstone Apartment Partners represented the seller in this transaction.
This is the second local deal Capstone brokered in the state. In February, it participated in Atlanta-based CF Lane's acquisition of Peppertree Apartments, a 194-unit garden style community in Winchester, VA, for $14 million. Here too, The Related Cos. was the seller. Built in 1989 with a decent commute to the Washington DC area, the property was 96% occupied when it traded and built in 1989.
Klenk Ford, McIntosh and Conner represented the seller in this transaction as well.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
