Cornerstone Acquires Waterford Apartments in a $22.5 Million Transaction

MIDLOTHIAN, VA-The deluxe Waterford Apartments complex has been sold for $22.5 million to Richmond, Virginia’s Cornerstone Realty Income Trust, Inc. Charlotte, North Carolina-based Summit Properties, Inc. is the seller of the 12-year old property. The 312-unit garden-style apartment community sits on 31 acres of land and currently boasts a 95% occupancy rate. Waterford consists of 26 three-story buildings and commands an average monthly rent of approximately $1,000 per unit.

‘”[The Richmond area] has been and continues to be a very stable profitable market for us,” Cornerstone Chairman and CEO Glade M. Knight says. “We are pleased to have further increased our presence here with the acquisition of the Waterford Apartments.” The company also owns nearby Henrico County’s Chase Gayton Apartments, a similar complex that it purchased for $21.2 million earlier this year.