Iconic American Apartments, a multi-family owner-operator, purchased the item at Stonebridge, a 400-unit, 360,000-square-foot garden-style community located at 301 Karl Linn Drive, North Chesterfield, Virginia. American Landmark negotiated the sale with the building. owner, Element at Stonebridge One. The property is under loan for $53 million, according to data from CommercialEdge. The sale was completed for an undisclosed amount.
Element’s Stonebridge purchase is American Landmark’s second in Richmond this year, following its acquisition of Boulders Lakeside Apartments, a 248-unit multi-family development, also in North Chesterfield. American Landmark also continued to acquire more assets in the Mid-Atlantic and Southeast, including multi-family units in Charlotte and Atlanta.
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Built in 2017, the Element in Stonebridge is home to a mix of one- and two-bedroom apartments, ranging from 563 to 1,236 square feet. Each unit is equipped with wooden cabinets, granite counters, a laundry room and a kitchen island. Amenities include a swimming pool, 24-hour fitness center, clubhouse, and courtyard with fire pit. The community is located less than 5 miles from downtown Richmond.
The development’s change of hands comes as Richmond’s multi-family market stabilizes in the first half of 2022, following a period of slowing rental growth and general economic contraction in the last two quarters of 2021, according to a report. by Yardi Matrix. Last year, the city’s occupancy rate hit 96.9% as deliveries and new property transactions broke records, with 5,591 units delivered and $2.4 billion in total assets traded , according to the same data.
Christine DeFilippis, chief investment officer of American Landmark, explained the purchase in the context of the Richmond multifamily market, telling Multi-Accommodation News, “We are selective in Richmond as American Landmark’s presence grows in the market. Element in Stonebridge complements Boulders, our latest acquisition, and expands the selection available to residents. Boulders Lakeside has exceeded expectations with strong occupancy and lease exchanges and we expect the same with Element.