Weinstein Properties has sold a 468-unit apartment community in Charlottesville, Va. The nearly-fully occupied Abbington Crossing property was acquired by a joint venture of Charger Ventures and an undisclosed partner, who have rebranded the property to Cobalt Ridge Apartments.
Berkadia’s Drew White, Carter Wood and Cole Carns represented Weinstein Properties in the sale, while Mitch Sinberg, Brad Williamson, Mathew Robbins and Hugo Hernandez, also with the firm, secured an acquisition financing for the buyers. The size of the financing could not immediately be learned, though White, a senior managing director at Berkadia, said in prepared remarks that the sale was the largest conventional apartment sale in Charlottesville’s history.
Cobalt Ridge Apartments was built with one-, two- and three-bedroom units in garden-style or townhouse layouts ranging from 748 to 1,155 square feet. The units include black or stainless steel appliances, wood floors or carpet, central air conditioning, and private patios or balconies. The apartment community’s amenities include a fitness center, business center, resident clubhouse with coffee and Wi-Fi, a pool, sundeck, playground, dog park and on-site maintenance and management. The community is 97 percent occupied, according to Yardi Matrix data.
Located at 1000 Old Brook Road, Cobalt Ridge Apartments is a short commute from the University of Virginia and the Charlottesville-Albemarle Airport. Nearby attractions include the Jefferson Theater, the Paramount Theater, Shenandoah National Park, Rivanna River, Thomas Jefferson’s Monticello and Charlottesville’s downtown mall.
Strong presence in Virginia
Weinstein Properties’ overall portfolio includes communities in Georgia, North Carolina, Tennessee, Texas and Virginia which total upwards of 21,000 units. In Virginia alone, the company has approximately 5,600 units spread throughout Richmond, Petersburg, Harrisonburg, Newport News and Hampton.
More recently, Weinstein Properties acquired The Parkstone, a 240-unit luxury community in the Gallatin, Tenn., suburb of Nashville. The company also acquired The Bowery at Southside, a 303-unit community in Fort Worth, Texas, from StoneHawk Capital Partners in July 2020.
