(RECAP: The major apartment owner and operator bought a five-community apartment portfolio in the Richmond area, with plans to keep the units affordable. But, the company will make some exterior and interior upgrades that will bring the total acquisition cost closer to $72 million. “Our hope with this acquisition is to help the State of Virginia preserve affordable housing for its police officers, firefighters, teachers, nurses and all other members of the middle class,” said Rick Band, a senior vice president of CAPREIT. “The apartment industry in Virginia, like many in the nation, is booming, resulting in the renovation of many apartment communities into Class A assets. But middle-class families, who can’t afford luxury rents, still need a reputable home that won’t price them out of the city. These communities do just that, and we intend to keep it that way.”)

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