Photo of Cottage Trails apartments courtesy of CBRE | Hampton Roads
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.
