CAPSTONE ARRANGES $18.5M SALE OF RICHMOND APARTMENT COMMUNITY

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RICHMOND, VA. — Capstone Apartment Partners has brokered the $18.5 million sale of the Beaufont Oaks Apartments, a 312-unit multifamily community in Richmond. The asset was 96.2 percent occupied at the time of sale. The apartment community was built in 1982 and features a fitness center, swimming pool, playground and tennis court. The buyer, Charlotte, N.C.-based Grubb Properties, plans to continue the property’s renovations. Beau McIntosh, Todd Conner, Brian Ford and Andrew Klenk of Capstone Apartment Partners represented the unnamed seller in the transaction, which is the largest deal thus far this year in Richmond’s apartment market.

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