D.C. firm buys West End apartments

StoneBridge Investments of Washington, D.C. recently acquired Copper Spring, a 366-unit apartment community in Henrico's West End, for $54.2 million. The seller, an affiliate of Clarion Partners, was represented by Eastdil Secured.

Built in 1989 and extensively renovated in 2006, Copper Spring is located just off West Broad Street, at 3301 Copper Mill Trace, near I-64.

The property includes 23 two- and three-story garden-style apartment buildings in a 30-acre wooded suburban setting. An unused 1.25-acre parcel on the site could be developed with additional residential density or amenities.

Copper Spring is StoneBridge’s first acquisition in the Richmond region, following its recent acquisitions of two apartment communities totaling 500 units in Atlanta’s Perimeter Center submarket. The new ownership plans to undertake upgrades to the clubhouse and other amenities, as well as some of the residences.

“We were initially attracted to Copper Springs due to its proximity to large employment centers, strong historical operating performance, and legacy of high-quality institutional ownership,” said William Bateman, Director, StoneBridge Investments. “We also believe that, given the open unit layouts and best-in-class amenity package, Copper Springs is poised to capture additional revenue gains through strategic unit and amenity renovations going forward.”

ZRS Management, an affiliate of StoneBridge, will manage Copper Springs.  ZRS currently manages more than 34,000 apartment units nationwide.