183-unit apartment building in Chesapeake sells for $30 million

Published June 7, 2018 by Paula C. Squires

Cottage Trails at Culpepper Landing, a 183-unit apartment community in Chesapeake, has sold to Steadfast Cos. based in Irvine, Calif., for $30 million.

The seller was Robinson Development Group. The company developed the property in two phases in 2012 and 2015 as part of its Culpepper Landing development in the Deep Creek area of Chesapeake.  

According to CBRE | Hampton Roads, which brokered the sale along with representatives from CBRE’s Washington, D.C. office, the transaction represents Steadfast Cos. first Virginia investment, marking an expansion into the Southeast and mid-Atlantic markets.

Steadfast currently owns or operates more than 38,000 units in 20 states across the U.S.

Amenities at Culpepper Landing include a salt water pool, lanai with fire pit, fitness center and club room.