A local home builder is digging further into the apartment market.
HHHunt will begin construction in February on a 271-unit apartment project on 26 acres within the massive CenterPointe development in Chesterfield County.
HHHunt will spend about $30 million on the complex, named Abberly at CenterPointe. It’s one of three apartment communities the company has planned over the next three months, said President Dan Schmitt. The other two are in Stafford, Va., and Maryland.
“We’re aggressively moving to build more apartments,” Schmitt said. “We’re seeing a lot of people choose renting as a lifestyle. People used to rent for a few years until they could afford a house. Today we’re seeing a lot of consumers get in on luxury apartments like ours and stay for 10, 15 or 20 years.”
The Abberly at CenterPointe apartments will have one to three bedrooms, with amenities that include a swimming pool and fitness center. The buildings will be three and four stories high, each with elevators.
Schmitt said rental rates for the apartments, which will be between 750 and 1,450 square feet, have not yet been set.
Despite its reputation of building houses, HHHunt’s apartment division owns about 8,000 units within 16 communities. The company has also been active in building senior living facilities.
Its CenterPointe project will be adjacent to one of HHHunt’s other large developments in the Charter Colony community. The apartment project site wraps around the Brandermill Woods Healthcare Center, with its entrance on Brandermill Parkway.
HHHunt has not yet closed on the purchase of the 26 acres at CenterPointe.
Schmitt expects the homes to open and be ready for move-in by March of 2016. He said the company is pursuing FHA financing for the project.
HHHunt will have some competition for new apartments within CenterPointe, which is a 725-acre, mixed-use development spearheaded by Bill Goodwin’s Riverstone Group. Norfolk-based Robinson Development Group is building 255 apartments near Bon Secours St. Francis Medical Center.
And elsewhere in CenterPointe, a 35,000-square-foot, $13 million assisted living facility is in the works.