SAM Recapitalizes Steeplechase Apartment Homes

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Williamsburg, VA- Sandhurst Apartment Management (“SAM”) has announced the recapitalization of Steeplechase Apartment Homes, a 220-unit multi-family apartment complex built in 1986. The acquisition closed in August 2017.


Steeplechase Apartment Homes consists of 11-two story buildings and a one-story clubhouse. SAM has owned and managed this asset with its equity partner since 2012. As the existing equity partner expressed interested in selling this asset, SAM made a competitive offer to recapitalize this asset. The asset had an average occupancy of 94.6 % under SAM’s 6 years of management, making this deal very predictable in terms of expenses and cash flow. Between 2013-2015, SAM executed clubhouse renovations including a brand-new fitness center, added grilling stations, new pool furniture, painted the exterior of the property and added a dog park. In addition to community enhancements, 160-unit interiors were renovated to include new flooring, appliances and fixtures.


SAM is pleased to recapitalize its only asset in Virginia. Steeplechase is located in a prime location, convenient to the area’s connector roads, retail centers and major employers. The nation’s second oldest college, William & Mary, is a major economic driver for the area and nearly 20% of residents are associated with the university. The property is located in James City County, which leads the MSA in highest household incomes, education levels and unemployment rates in the region. This recapitalization proves to be consistent with our strategy of buying and maintaining assets located in growing submarkets with strong demographics, projected rent growth and minimal new supply forecasted within the market.



Sandhurst Apartment Management is a forward-thinking, time tested group that provides a wholly integrated package of property management services, including on-site asset management, construction supervision and due diligence. Our success is rooted in our thoroughly vetted, value-add property investments that provide high-quality rental apartments in good school zones with attentive,hands-on-property management. Sandhurst owns and manages assets in 9 states totaling almost 10,200 units.