RICHMOND, VA -San Francisco-based real estate investment firm Hamilton Zanze has bought the 192-unit Copper Mill Apartments in Richmond, Virginia, marking the firm’s fourth acquisition in the state. The buy from seller JRK Property Holdings closed October 24. 

The 158,568 square foot community was built in 1987 and reported a 99% occupancy rate in July 2018. Copper Mill is located at 3400 Copper Mill Trace in Richmond’s northwestern suburb of Henrico and offers a mix of one- and two-bedroom units. The site consists of 12 individual, garden-style buildings on 13.3 acres of land. Units range from 697 to 1,010 square feet.

“Copper Mill represented an opportunity to buy a well-located, value-add asset at a favorable cap rate,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “We are excited to continue expanding our presence in the Richmond MSA and will continue to look for further opportunities this year.”

The community is adjacent to two small lakes and features robust natural amenities including a trail system, a shaded picnic area, and outdoor tennis and sand volleyball courts. A 24-hour fitness center and gorgeous outdoor pool are also available to community residents. 

HZ plans to do a large-scale community improvement program that will include a broad renovation of 25% of the units to include stone counters, backsplashes, lighting fixtures, cabinet pulls, flooring, and replacement kitchen cabinets. An additional 50% of the units will receive a lighter renovation with resurfaced counters and the addition of new appliances and cabinet faces. The company will also add a dog park and additional enhancements to the community’s amenity package.

Property management responsibilities will be transitioned to Mission Rock Residential, HZ’s Denver-based affiliated company.

Copper Mill is conveniently located just 12 miles outside of Virginia’s capital city. The Richmond metropolitan area is continually recognized as a strategic center for commerce and innovation due to its low business costs, business-friendly climate, and well-educated workforce.

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HOUSTON, TX -ClearWorth Capital announced its recent acquisition of Edge at City Centre Apartments, a class B multifamily asset located in Houston, TX.

Edge at City Centre, located inside Loop 610 near NRG Stadium and the Texas Medical Center, was built in 1983 and consists of 284 units. Amenities include two pools, fitness center, renovated clubhouse with business center, and washer/dryer connections in all units. 

Edge is conveniently located between many well loved urban centers, including the Texas Medical Center (3 miles), Rice Village (3 miles), the Galleria (8 miles) and Downtown Houston (8 miles).

New ownership will soon implement a thorough renovation of the interior and exterior features of the property, including improvements to existing social areas and making new amenities. 

NOIPM, an affiliate of ClearWorth, is the new management company. 

HFF’s Joey Rippel, Chris Young, and Connor Phillips represented the seller. 

BERKADIA’s Nathan Stone arranged acquisition financing.  

Edge at City Centre will be the ninth renovation undertaken jointly by the principals of ClearWorth Capital, a partnership comprised of the principals of Dallas-based Seneca Investments, and Houston-based NOIPM (NOI Property Management). 

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BIRMINGHAM, AL – Capstone Development Partners announced the successful opening of five new student housing developments delivered in partnerships with five universities totaling 3,000 new beds for the Fall 2018 semester. The company, with its university partners, opened new housing at the University of South Florida, the University of Massachusetts Boston, Seattle University, San Diego State University and the University of the Pacific.

Capstone’s corporate headquarters office in Birmingham, Alabama oversaw the student housing developments at the University of South Florida and the University of Massachusetts Boston. Capstone’s western regional office in San Diego, California oversaw the developments at Seattle University, San Diego State University and the University of the Pacific.

The Village Phase 2 at The University of South Florida: Phase 2 of this on-campus community at the University of South Florida (“USF”) completes the build-out of the Village, a 2,171 bed residential and mixed-use community or “village” serving primarily first-year students. Phase 2 includes nearly 1,300 beds of traditional and suite-style housing in three new residential buildings, with retail tenants Starbucks and Burger Fi. Community amenities include ample ground floor living-learning and student activity spaces, classrooms, study rooms and community kitchens, and multiple social and study lounges on the upper residential floors. Phase 1 of the Village opened in Fall 2017 and provided over 800 beds of housing in two new residential buildings, a dining center (The Hub), and a new wellness and fitness center (The Fit). Capstone’s partnership with the University of South Florida was the first public-private partnership (“P3”) for the USF System. 

University of Massachusetts Boston Residence Hall and Dining Center: The new residence hall at the University of Massachusetts Boston provides 1,077 beds of first-year and transfer student housing and a new 500-seat dining center located on the ground floor of the residence hall. Amenities in the live-learn community include administrative offices, community kitchens, gaming and TV lounges, study lounges and 24/7 multipurpose conference, seminar and tutoring rooms. The completion of the new residence hall marks the first on-campus student housing to be delivered on the UMass Boston campus, and the first P3 for the University of Massachusetts System. 

Vi Hilbert Hall at Seattle University: Capstone partnered with Seattle University (“SU”) to deliver 300 beds of upper-division apartment housing for the campus. The new 10-tale on-campus building is also home to the SU Admissions and Enrollment Services office and connects directly to the University book store. The building’s amenities include a tenth-floor community lounge, a 75-person seminar room, a second-floor student lounge and individual floor lounges. Vi Hilbert Hall marks Capstone’s second on-campus student housing development in Seattle, and SU’s first student housing public-private partnership.

Montage on College at San Diego State University: Via a ground lease with the San Diego State University (“SDSU”) Real Estate Foundation, Montage on College provides more than 300 beds of housing in apartment-style units for SDSU students. Through an affiliation with the University, Montage on College is an approved housing choice for SDSU students seeking to meet the University’s recent sophomore live-on requirement. Amenities at the Montage include a resort-style spa, barbecue area, outdoor lounge and fire pit, community kitchen, fitness center, gaming/media room, and various study spaces. The Montage is managed by Capstone Development Partners’ management entity, Capstone Management Partners.

Calaveras Hall at the University of the Pacific: Calaveras Hall is a new 380-bed on-campus apartment-style housing community serving upper-division University of the Pacific students. Building amenities include a community kitchen, indoor and outdoor lounges, various study areas, a fitness room, outdoor fire pit and swimming pool. Capstone oversaw the development of Calaveras Hall and the project is the third on-campus housing community developed by the Capstone Companies in partnership with the University of the Pacific.

For the five projects that Capstone opened this Fall, totaling $350 million in development, $150 million was financed using private equity and $200 million was financed through a 501c3 non-profit owner or a university, using tax-exempt debt.

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