Virginia

JV Secures $60 Million Loan to Expand Virginia Flexible Lease Program for Military

by Lynn Peisner August 15, 2025

HAMPTON, VA. — Madison International Realty and The Accend Cos. have secured a $59.7 million loan. The floating-rate bridge loan was provided by Fortress Investment Group and arranged by JLL Capital Markets. The joint owners of Ellipse Urban Apartments plan to use the financing to expand a flexible-lease program called Home 4 Now, which currently covers 11 percent of the property’s 287 units. The owners plan to increase that share to 25 percent. Under the program, tenants can secure leases lasting between one and 12 months for move-in ready, furnished …

August 15, 2025

Affordable Housing Development Finance Industry Voices Virginia

What Developers Need to Know About State Tax Credits

by Lynn Peisner August 14, 2025

By William Fiederlein The need for affordable housing has never been greater. The United States is currently experiencing a shortage of millions of affordable housing units for low-income renters. This shortage disrupts family stability and creates a negative economic ripple effect within already vulnerable communities. According to the National Low Income Housing Coalition’s 2025 report, The Gap: A Shortage of Affordable Homes, there is a national shortage of 7.1 million affordable and available rental homes for extremely low-income renters. It nets out to just 35 affordable and available homes for …

August 14, 2025

Build-to-Rent Development News Southeast Virginia

Greystar Underway on BTR Project Near UVA

by Lynn Peisner July 21, 2025

CHARLOTTESVILLE, VA. — Greystar has broken ground on Old Ivy, a 525-unit community in Charlottesville. The development site is just off the University of Virginia campus, east of Highway 29, between Old Ivy and Leonard Sandridge roads. The project includes a variety of homes, including apartments, standalone dwellings, duplexes and townhomes. More specifically, Old Ivy will be comprised of 336 apartments, with one-, two- and three-bedroom floorplans, and 189 build-to-rent residences, consisting of three-bedroom townhomes as well as three-bedroom standalone homes clustered around green spaces or mini parks, some with …

July 21, 2025

Investment Sales News Southeast Virginia

Berkadia Arranges $129 Million Refinancing for Community Near Washington, D.C.

by Channing Hamilton May 12, 2025

FAIRFAX, VA. — Berkadia has arranged $129 million for the refinancing of Amberleigh Apartments, a 752-unit community in Fairfax, roughly 20 miles west of Washington, D.C. Patrick McGlohn, Brian Gould, Miles Drinkwalter and Natalie Hershey of Berkadia arranged the financing on behalf of the locally based borrower, Redbrick LMD. The financing consisted of a $113.8 million Freddie Mac loan and a $15.6 million preferred equity investment from an undisclosed source. Amberleigh Apartments features one-, two- and three-bedroom floor plans ranging from 861 square feet to 1,523 square feet, according to …

May 12, 2025

Development News Southeast Virginia

Breeden Completes $43 Million Project in Norfolk, Virginia

by Channing Hamilton April 25, 2025

NORFOLK, VA. — The Breeden Co. has completed Lake Taylor Pointe Apartments, a 198-unit community located at 1060 Kempsville Road in Norfolk. The property offers carriage house and garden-style buildings. Units come in one-, two- and three-bedroom floor plans ranging from 723 square feet to 1,425, according to Apartments.com. Amenities include a pool, poolside fitness center, outdoor gathering areas, arcade room, electric vehicle charging stations and a bark park. Rental rates for the property begin at $1,750. Breedon Construction served as the general contractor for the $43 million development.

April 25, 2025

Investment Sales News Southeast Virginia

Bonaventure Purchases 250-Unit Community in Virginia Beach

by Channing Hamilton March 18, 2025

VIRGINIA BEACH, VA. — Bonaventure has acquired Solace Apartments, a 250-unit property located at 400 S. Military Highway in Virginia Beach, 18 miles east of Norfolk, Virginia. Built in 2014, Solace offers one- and two-bedroom apartments. Amenities include a pool, fitness center, grilling stations and a community clubhouse. The acquisition was made as an UPREIT transaction, an investment strategy where property owners contribute real estate to a REIT’s operating partnership in exchange for ownership interest in that partnership. Robert Prodan served as a contributor with Bonaventure’s REIT, Bonaventure Multifamily Income …

March 18, 2025

Development Finance News Southeast Virginia

Economic Development Authority in Richmond, Virginia, Sells 18-Acre Site for $2.4 Billion Mixed-Use Project

by Channing Hamilton March 6, 2025

RICHMOND, VA. — The City of Richmond’s Economic Development Authority (EDA) has sold and transferred an 18-acre parcel to the developer of a $2.4 billion mixed-use project called Diamond District. The land sold for $11.4 million. The developer is an entity led by Thalhimer Realty Partners Inc. that is doing business as Diamond District Partners LLC. The site, dubbed Phase 1A, will feature 730 market-rate apartments, as well as 161 workforce housing units for households earning up to 60 percent of the area median income, a 180-room hotel and 30,000 …

March 6, 2025

Affordable Housing Development Finance News Southeast Virginia

Advantage Capital Closes Financing for Affordable Housing Project in Charlottesville, Virginia

by Channing Hamilton February 28, 2025

CHARLOTTESVILLE, VA. — Advantage Capital has closed the financing for the second phase of Kindlewood, a $68 million affordable housing redevelopment and expansion project in Charlottesville. The development team, which broke ground on phase II last month, includes Piedmont Housing Alliance and National Housing Trust. Phase II of Kindlewood will consist of 100 apartments, half of which are replacement units for existing residents. The rest will be new affordable housing units. The development team expects to deliver the second phase in fall 2026. The last tranche of financing was $9.6 …

February 28, 2025

425 Montgomery Street in Alexandria, Virginia

Development Finance News Southeast Virginia

Partnership Receives Construction Loan for $131 Million Project Near Washington, D.C.

by Channing Hamilton February 5, 2025

ALEXANDRIA, VA. — Carr Properties has formed an equity joint venture with Barings for the development of 425 Montgomery Street, a $131 million project converting a former office building in Alexandria’s Old Town neighborhood into a rental housing community. The partnership received an $84 million construction loan from investment firm Kennedy Wilson. Cushman & Wakefield served as advisor for both the equity and debt financings. The eight-story, 250,000-square-foot project will offer 237 apartments in studio, one-, two- and three-bedroom floor plans. Planned amenities include an outdoor pool and a resident …

February 5, 2025

Affordable Housing Development News Southeast Virginia

Woda Cooper Cos. Breaks Ground on Affordable Housing Project in Portsmouth, Virginia

by Channing Hamilton January 30, 2025

PORTSMOUTH, VA. — Woda Cooper Cos. Inc. has broken ground on Bains Pointe, a 50-unit affordable housing community located at 1100 High St. in Portsmouth, directly across the Elizabeth River from Norfolk, Virginia. Bains Pointe, in partnership with Bay Aging, will offer units to households earning up to 80 percent of the area median income. The unit mix includes 39 two-bedroom and 11 three-bedroom apartments. Several units will include features residents with mobility challenges or sight/hearing disabilities. Monthly rates are expected to range from $400 to $1,315. Tenants will have …

January 30, 2025

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