Virginia

Greysteel Arranges Sale of Affordable Housing Property in Richmond, Virginia

by Channing Hamilton August 9, 2023

RICHMOND, VA. — Greysteel has brokered the sale of Fieldcrest, a 29-unit affordable community in Richmond. Fletcher Hultman and Henry Mathies of Greysteel’s National Affordable Housing team represented the seller, a joint venture between a local development group and April Housing, an affiliate of Blackstone. The buyer is Wincor Holdings, a recently formed private equity company. Fieldcrest was built in 2006 on a site adjacent to the Richmond Raceway. The property is subject to a Land Use Restrictive Agreement that restricts income and rent levels to 50 percent of the area …

August 9, 2023

Development Finance News Southeast Virginia

BWE Arranges $50 Million to Construct 900 North Allen Apartments in Richmond, Virginia

by Channing Hamilton July 26, 2023

RICHMOND, VA. — BWE arranged a $50 million loan to facilitate the development of 900 North Allen Apartments in Richmond’s Newtowne West neighborhood. Charles DuBose, Adam Bieber and Alec Jenkins originated the loan through a regional bank on behalf of Spy Rock Realty Group. 900 North Allen Apartments will offer 300 one-, two-, and three-bedroom units, as well as amenities including a pool, fitness center, lounge, dog park, co-working booths and an internal parking garage. The community is being built in one of Richmond’s opportunity zones as part of a federal initiative …

July 26, 2023

Development News Southeast Virginia

Fairfield Completes The Belhaven Apartments in Alexandria, Virginia

by Channing Hamilton July 5, 2023

ALEXANDRIA, VA. — Fairfield Residential has completed the development of The Belhaven Apartments, a 349-unit community in Alexandria. Located at 6375 Richmond Hwy. adjacent to Kings Crossing shopping center, The Belhaven Apartments features studio, one- and two-bedroom floor plans. Of the total 349 units, 42 are designated as affordable. Details regarding income restrictions were not disclosed. Amenities include a fitness center, a pool with a spa, EV chargers and a pet spa.

July 5, 2023

Investment Sales News Southeast Virginia

RailField Acquires Millspring Commons Apartments in Richmond, Virginia

by Channing Hamilton June 22, 2023

RICHMOND, VA. — RailField has purchased Millspring Commons Apartments, a 159-unit townhome-style community in Richmond, for an undisclosed price. Amenities at the community include a clubhouse with a fitness center, pool, outdoor exercise area, outdoor kitchen and grilling area, playground and dog park. RailField purchased the property on behalf of its RLM Preservation Fund, which focuses on preserving affordable and workforce housing. The firm plans to renovate both the common areas and apartment interiors.

June 22, 2023

A 3D render of 2 Rivers Apartment Homes, a complex in Williamsburg.

Development News Southeast Virginia

S. L. Nusbaum Realty Co. Begins Construction on 2 Rivers Apartment Homes in Williamsburg

by Channing Hamilton April 24, 2023

WILLIAMSBURG, VA. — S. L. Nusbaum Realty Co. has begun construction on 2 Rivers Apartment Homes, an 119-unit affordable community in Williamsburg. The Norfolk, Virginia-based company worked with AGM Financial Services and TowneBank to secure financing. The cost of the project is expected to total approximately $26 million. Harkins Builders is the general contractor. 2 Rivers Apartment Homes will be constructed in two phases. The first phase of the community will comprise 59 units in one-, two- and three-bedroom floorplans. Amenities will include a clubhouse, fitness center, business center with …

April 24, 2023

Affordable Housing Development News Southeast Virginia

BLVD Begins $35.8 Million Affordable Housing Renovation in Newport News

by Lynn Peisner April 24, 2023

NEWPORT NEWS, VA. — The BLVD Group has acquired and plans to renovate Aqua Vista Apartments in Newport News. The 150-unit community was originally constructed in 1970. The $35.8 million redevelopment will include a gas-to-electric conversion, new roofs, insulation, energy efficient windows and entry doors. Each unit will receive new kitchens, bathrooms, appliances, flooring, paint and LED light fixtures. The owner will expand amenities at the site, adding new barbecues, a playground, a dog park, a business center, a community room and a new leasing office. The redevelopment will preserve …

April 24, 2023

The Brook rendering in Glen Allen, Virginia

Development News Southeast Virginia

Middleburg Communities, Resmark Secure Land for 310-Unit North Richmond Project

by Lynn Peisner April 12, 2023

GLEN ALLEN, VA. — Middleburg Communities has acquired a 13.5-acre land parcel in Glen Allen to develop a 310-unit apartment and townhome project. Glen Allen is about 15 miles north of Richmond, Virginia. Construction on the project, called The Brook, will begin later this month, with a completion-date estimate of late 2024. According to Middleburg, The Brook is one of only a few multifamily projects to be built in the North Richmond area in the past two decades. Middleburg is managing the development, and The Remark Cos. is an investment …

April 12, 2023

City Line Apartments, a half-brick half-siding multifamily community.

Investment Sales News Southeast Virginia

Community Preservation Partners Purchases City Line Apartments in Newport News, Virginia, for $30.1 Million

by Channing Hamilton April 4, 2023

NEWPORT NEWS, VA. — Community Preservation Partners (CPP) has purchased City Line Apartments for $30.1 million. City Line Apartments is a 200-unit affordable community in Newport News, which is 20 miles northwest of Norfolk, Virginia. CPP plans to invest $11 million in renovations to the property, including a new roof and the addition of a computer room, library, playground, fitness center, BBQ area and community garden. Units will receive updated appliances, vinyl plank flooring and HVAC units. Construction is expected to be completed by the end of 2023. Paragon Construction …

April 4, 2023

Cedar Broad Apartments, a brick multifamily building in Richmond, Virginia.

Florida Investment Sales News Southeast Virginia

Bonaventure Acquires Three Properties in Virginia and Florida

by Channing Hamilton March 28, 2023

ALEXANDRIA, VA. — Alexandria-based Bonaventure has acquired three properties in Virginia and Florida through an affiliated private REIT. Bonaventure purchased each property in a separate UPREIT transaction. Built in 2011, Cedar Broad Apartments comprises 204 units across four stories in Richmond, Virginia. Constructed in 2015, East Beach Marina Apartments is a 137-unit waterfront community in Norfolk, Virginia. Shadetree Apartments was built in 2009 and is a 260-unit garden-style property in Ruskin, Florida, which is a southern suburb of Tampa, Florida. The sellers of the assets were not disclosed.

March 28, 2023

Orchard at Hilltop, a three-building multifamily building atop a hill.

Features Operations Southeast Virginia

NAA Survey Respondents Overwhelmingly Say Rent Control Policies Affect Investment, Development Plans

by Channing Hamilton March 28, 2023

ARLINGTON, VA. — More than 70 percent of housing providers say that rent control policies impact their investment and development plans, according to a newly released survey from the National Apartment Association (NAA). In addition, two-thirds of respondents say they would not consider investing in markets with strict rent control policies. The survey — which examined the consequences of rent control policies in cities across America — was conducted by NDP Analytics and commissioned by NAA. From December 2022 to February 2023, NDP conducted 24 interviews with housing providers and developers …

March 28, 2023

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