For its latest project, a local real estate investment company is planning dozens of homes at a new development between Innsbrook and Interstate 295.
Markel | Eagle Partners, a private equity firm, is aiming to build 60 new homes on the west side of Sadler Road, just southwest of its intersection with Sadler Grove Road.
The project is expected to cost upwards of $20 million.
If approved by Henrico County next month, the 44 townhomes and 16 single-family detached homes will be built on four parcels of land totaling 13 acres. The project is tentatively dubbed Sadler Crossing.
Nate Van Epp, director of residential real estate for Markel | Eagle, described the development as a mix of home styles that would appeal to seniors looking to downsize and families who are graduating from starter homes.
“We are not proposing entry-level townhomes. They’re not meant to be starter homes,” Van Epp said. “It’s meant to be an upscaletownhome that offers a low-maintenance lifestyle.”
Markel | Eagle Partners is working the project through ME Sadler LLC, which is still finalizing the land purchases. The homes will be built by Eagle Construction of Virginia, a sister company of sorts to Markel | Eagle. Eagle Construction is owned by Markel Corp., which also owns a stake in the private equity firm.
Markel | Eagle is financing the project through its second fund, otherwise known as Fund II, that raised more than $53 million from investors in 2012.
Van Epp said groundwork at Sadler Crossing could start by the end of this summer if the project receives the county’s blessing.
Henrico’s Planning Commission recently endorsed the requested rezoning from a mix of townhome and agricultural uses to a consistent townhouse district. The request is scheduled to go to county supervisors March 10.
The town houses will each have a minimum of 1,800 square feet, with at least half to be 2,200 square feet or more, Van Epp said.
“Our goal is for them to not be your grandma’s townhome,” he said. “They’ll be bigger in size.”
Van Epp said the townhomes would be similar to those the company is constructing in nearby Hickory Place. He said that project has sold eight units so far.
All of the houses would have a three-bedroom layout, with an optional fourth bedroom for the townhomes, Van Epp said. Eachtownhome would have two full and two half-baths, and the detached homes would include 2 ½ baths.
Sadler Crossing’s detached homes would start at 2,200 square feet, with half at 2,500 square feet or more, and will have two-car garages.
Van Epp said base prices for the townhomes would range in the $300,000s, and buyer-selected upgrades could potentially bring price tags into the $400,000 range. Detached homes would start in the $400,000s, with upgrades potentially pushing them up above $500,000, Van Epp said.
Neighborhood amenities would include several pocket parks and open-space areas.
Markel | Eagle purchased three of the project’s four parcels over the past 12 months. According to county records, ME Sadler LLC paid $250,000 for a 1.85-acre lot at 11418 Dublin Road; $525,000 for 4.6 acres at 4506 Sadler Road; and $300,000 for 2.27 acres at 11323 Wonder Lane.
Van Epp said the company will be closing soon on the final piece, a 4.5-acre lot most recently assessed at $442,000.
In addition to Hickory Place, Markel | Eagle’s other current projects include the final section of the high-end Founders Bridge development in Chesterfield, as well as a large mixed-use development in Northern Virginia.
Its past investments include taking on West Broad Village after it was hit by the recession. It also joined forces with Diversified Realty Ventures to purchase the Deep Run III office building, which previously served as Circuit City’s headquarters.
Correction: A previous version of this story incorrectly listed the potential prices of homes to be built in this new development.