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RICHMOND, VA. — Principal Financial Group has sold two Richmond apartment complexes — the 228-unit Culpeper Farms and the 220-unit Oaks at Gayton — to Colonial Court Apartments for $33.35 million. Culpeper, which was built in 1989, is located at 3450 Spendthrift Road; built in 1987, the Oaks is located at 12520 Gayton Road. Bill Roohan, Andy Boyer, Mike Muldowney, John Sheridan, Jonathan Greenberg, Michael Rudolph and Ben Margerum of CB Richard Ellis' Washington, D.C., office brokered the sale.
The CB Richard Ellis team also brokered Principal's $19.25 million sale of Sundance Station to Harbor Group International of Norfolk, Va. The 300-unit apartment property is located at 3500 Sundance Way in Richmond.