Hamilton Zanze has sold Copper Mill Apartments, a 192-unit community in Richmond, Va., to NorthRock Companies for $50.3 million, according to Henrico County records.
Hamilton Zanze bought the property in 2018 from JRK Property Holdings for $33 million, according to Yardi Matrix data. The sale represents the company’s first full cycle investment in Virginia, according to a prepared statement by Anthony Ly, senior director of dispositions at Hamilton Zanze.
Located at 3400 Copper Mill Trace along U.S. 250, the property is within approximately 12 miles of downtown Richmond and roughly 20 miles northwest of Richmond International Airport. Recreational venues in the surrounding area include Regal West Tower Cinemas and Bowlero West End. Dining and retail options are available alongside West Broad Street.
Built in 1987, the Class B community consists of one- and two-bedroom apartments, averaging 826 square feet. Amenities include a swimming pool, fitness center, tennis court, volleyball court and car wash area. The property underwent improvements during Hamilton Zanze’s ownership, including interior and exterior upgrades, which allowed for a solid return to the company’s investors, Ly added in prepared remarks.
Recently, Hamilton Zanze acquired a 304-unit community in Baltimore.