Campus Apartments bought a 20-building apartment complex in Richmond, Virginia, for $31m. The Collection Midtown features 219 one-, two- and three-bedroom apartments. The acquisition marks the company’s third multifamily investment in Virginia’s capital. “We saw this as an opportunity to expand our footprint in a submarket that has truly outstanding fundamentals,” Mark Schundler, senior vice president of investments at Campus Apartments, told MHN. “We’ve always appreciated Richmond’s ‘Eds and Meds’ demand drivers, but over the last several years, the city has become a craft beer mecca and millennial hotspot, and this portfolio is really on the doorstep of where that transformation is taking place.
