INVESTMENT
HIGHLIGHTS
1.
2.
Strategic Infill Location within Established West End Neighborhoods
3.
Top-Tier Schools Drive Family Demand and Rent Stability
Renovation Opportunity with Untapped Rent Potential
EXECUTIVE SUMMARY
Berkadia is pleased to present the exclusive offering of Copper Mill Apartments, a 192-unit, well-maintained garden-style community located in desirable Henrico County, Virginia. Built in 1987 and featuring 192 total units, Copper Mill provides investors the opportunity to acquire a well-located Class B asset in Richmond’s supply-constrained West End, a submarket defined by strong renter demand, limited new construction, and proven long-term stability.
The Property features a balanced mix of spacious one- and two-bedroom floorplans, with recent capital improvements positioning Copper Mill to compete with newer product. Current ownership has completed key exterior and amenity upgrades, while significant potential remains to further modernize unit interiors and establish a new rental standard that captures market premiums of $150 to $200/unit.
Strategically located within Henrico County’s top-rated school district and minutes from major employment centers, Copper Mill Apartments is well positioned to deliver consistent occupancy, durable cash flow, and long-term value appreciation in one of Richmond’s most sought-after suburban neighborhoods.
With its proven operational performance, comprehensive capital improvements, and additional upside through targeted enhancements, Copper Mill is remarkably positioned for continued revenue growth and value creation. The Property is being offered on a Free & Clear basis.
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Property Overview
• 192 Units
• Built: 1987
• Type: 3-Story Garden
• Rentable SF: 158,592 SF
• Average Unit Size: 826 SF
• Average Rent: $1,480
• Average Rent/SF: $1.79
• Occupancy (as of 6/23/25): 92.2%
THE ASSET
GALLERY
3802 Towne Point Rd, Portsmouth, VA 23703
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10801 Dylans Walk Road | Chester, VA 23831
826
AVG Unit Size
1987
Built
192
UNITS
The Opportunity
The Asset
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Norfolk
207 Granby Street,
Suite 201,
Norfolk, VA 23510
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Why Us?
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The Team
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Miles Drinkwalter
Senior Director
Multifamily Housing
757.652.9597
miles.drinkwalter@berkadia.com
Brian Gould
Managing Director
Multifamily Housing
917.297.7551
brian.gould@berkadia.com
Patrick McGlohn
Senior Managing Director
Multifamily Housing
703.987.0874
patrick.mcglohn@berkadia.com
MORTGAGE BANKING
Drew White
Senior Managing Director
Multifamily Housing
202.294.6976
drew.white@berkadia.com
Carter Wood
Managing Director
Multifamily Housing
804.350.2109
carter.wood@berkadia.com
Cole Carns
Senior Director
Multifamily Housing
804.878.1258
cole.carns@berkadia.com
INVESTMENT SALES
Hunter Wood
Senior Director
Multifamily Housing
804.513.6243
hunter.wood@berkadia.com
• In-Place Rent: $1,747
• In-Place Rent/SF: $1.55
• Recent 2 Rent: $1,802
• Recent 2 Rent/SF: $1.60
© 2024 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing
The Asset
4.
Ownership’s Capital Investment in Renovation Program
5.
Immediate Access to Short Pump's Retail Corridor
3.
Extraordinary Innsbrook Campus Fuels Demand
4.
Crafted to Attract Richmond’s High-Income Renters
