StoneBridge Investments of Washington, DC has acquired Copper Spring, a 366-unit apartment community in the prestigious West End submarket of Richmond, VA, for $54.2 million. The new ownership plans to undertake strategic upgrades to the clubhouse and other amenities, as well as some of the residences. Copper Spring is StoneBridge’s first acquisition in Richmond, following its recent acquisitions of two apartment communities totaling 500 units in Atlanta’s Perimeter Center submarket.
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Urban Investment Partners (UIP) has acquired Walker House, a 212-unit mid-rise apartment building in Gaithersburg, MD, for $31.8 million. CBRE represented the seller, Washington REIT, which has held the property since 1996. Capital One financed the acquisition.