X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIDLOTHIAN, VA-The deluxe Waterford Apartments complex has been sold for $22.5 million to Richmond, Virginia’s Cornerstone Realty Income Trust, Inc. Charlotte, North Carolina-based Summit Properties, Inc. is the seller of the 12-year old property. The 312-unit garden-style apartment community sits on 31 acres of land and currently boasts a 95% occupancy rate. Waterford consists of 26 three-story buildings and commands an average monthly rent of approximately $1,000 per unit.

‘”[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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.