Real estate firm eyes new apartments in the Boulders

Renderings of the proposed apartment building. (Chesterfield County)

The owner of three buildings in the Boulders Office Park is looking to add to its investment there by developing nearly 250 apartments.

Dominion Realty Partners has filed plans with Chesterfield County for a complex totaling up to 248 units that would fill a 25-acre parcel at 900 Boulders Parkway.

The development, called Boulders Apartments in the documents, would require a rezoning and conditional-use approval from the county planning commission, which is scheduled to consider the request at its May 15 meeting.

The proposal comes 18 months after DRP purchased three of the park’s office buildings, Boulders I, II and III, home to tenants including Timmons Group and Tredegar Corp. The three buildings, totaling 288,000 square feet, were purchased in September 2016 for a combined $25.73 million.

DRP principal Michael Campbell said the apartment project would add to that investment as well as other development in the area, particularly along the Midlothian Turnpike, where the former Cloverleaf Mall site has been redeveloped with new retail and apartments.

“We think, given the location of the Boulders Office Park and the transformation of that area with all the retail coming along, that multifamily would be a good addition to that area of Chesterfield County,” Campbell said.

He said DRP is under contract to purchase the land, which is owned by an entity tied to SugarOak, a Herndon-based real estate firm. The latest county assessment valued the property at $994,200, according to Chesterfield property records.

Plans show a complex consisting of eight three-story buildings, a 5,000-square-foot clubhouse and a pool. Campbell said unit sizes and rents have yet to be determined, and a project cost has not been set.

boulders apartments site plan

Site plan of the proposed Boulders Apartments. (Chesterfield County)

“It’s not a huge project, but a great setting for multifamily,” he said, noting the land is adjacent to a lake.

The apartments wouldn’t be the first multifamily development in the Boulders.

The office park, along the west side of Chippenham Parkway between Jahnke Road and Midlothian Turnpike, is already home to two older apartment communities: the Birchwood at Boulders apartments at 725 Boulder Spring Drive and the Chesterfield Village apartments at 211 Lingstorm Lane.

Birchwood at Boulders is owned by Iowa-based BH Equities, which purchased the complex in 2012 as part of a $116 million buying spree. Chesterfield Village is owned by locally based General Services Corp., which manages more than a dozen Richmond-area properties and last year purchased the 340-unit Wellesley Terrace near Short Pump for $51 million.

DRP, which has offices in Richmond and North Carolina, develops and owns apartment communities across the Southeast as well as office and mixed-use properties. In the Richmond area, its multifamily portfolio includes the downtown Hotel John Marshall building, which it redeveloped.

Other projects in Richmond include the 188-unit Manchester Place and Riverside on the James. The company was planning to develop a 21-story, SunTrust-anchored tower between the Locks and Riverfront Plaza, but that project was scrapped after the bank pulled out of the deal.  WVS Cos. and developer Tom Papa now are planning a 12-story, 237-unit apartment building on that site.

In recent years, DRP has extended its reach to Richmond’s suburbs, purchasing the three Boulders buildings in 2016 and, the year before, another Chesterfield office building, Arboretum IX, which it purchased for $6.75 million.

The company is working on the Boulders Apartments with Rule Joy Trammell Rubio, an Atlanta-based architecture and interior design firm. Attorney Jim Theobald of Richmond-based law firm Hirschler Fleischer is representing the company in its rezoning request.

Campbell said a contractor has not been picked for the project, which would last 18 months and start construction late this year or early next year if approved according to schedule.

Correction: General Services Corp. purchased Wellesley Terrace last year. An earlier version of this story incorrectly described GSC as the seller.

Renderings of the proposed apartment building. (Chesterfield County)

The owner of three buildings in the Boulders Office Park is looking to add to its investment there by developing nearly 250 apartments.

Dominion Realty Partners has filed plans with Chesterfield County for a complex totaling up to 248 units that would fill a 25-acre parcel at 900 Boulders Parkway.

The development, called Boulders Apartments in the documents, would require a rezoning and conditional-use approval from the county planning commission, which is scheduled to consider the request at its May 15 meeting.

The proposal comes 18 months after DRP purchased three of the park’s office buildings, Boulders I, II and III, home to tenants including Timmons Group and Tredegar Corp. The three buildings, totaling 288,000 square feet, were purchased in September 2016 for a combined $25.73 million.

DRP principal Michael Campbell said the apartment project would add to that investment as well as other development in the area, particularly along the Midlothian Turnpike, where the former Cloverleaf Mall site has been redeveloped with new retail and apartments.

“We think, given the location of the Boulders Office Park and the transformation of that area with all the retail coming along, that multifamily would be a good addition to that area of Chesterfield County,” Campbell said.

He said DRP is under contract to purchase the land, which is owned by an entity tied to SugarOak, a Herndon-based real estate firm. The latest county assessment valued the property at $994,200, according to Chesterfield property records.

Plans show a complex consisting of eight three-story buildings, a 5,000-square-foot clubhouse and a pool. Campbell said unit sizes and rents have yet to be determined, and a project cost has not been set.

boulders apartments site plan

Site plan of the proposed Boulders Apartments. (Chesterfield County)

“It’s not a huge project, but a great setting for multifamily,” he said, noting the land is adjacent to a lake.

The apartments wouldn’t be the first multifamily development in the Boulders.

The office park, along the west side of Chippenham Parkway between Jahnke Road and Midlothian Turnpike, is already home to two older apartment communities: the Birchwood at Boulders apartments at 725 Boulder Spring Drive and the Chesterfield Village apartments at 211 Lingstorm Lane.

Birchwood at Boulders is owned by Iowa-based BH Equities, which purchased the complex in 2012 as part of a $116 million buying spree. Chesterfield Village is owned by locally based General Services Corp., which manages more than a dozen Richmond-area properties and last year purchased the 340-unit Wellesley Terrace near Short Pump for $51 million.

DRP, which has offices in Richmond and North Carolina, develops and owns apartment communities across the Southeast as well as office and mixed-use properties. In the Richmond area, its multifamily portfolio includes the downtown Hotel John Marshall building, which it redeveloped.

Other projects in Richmond include the 188-unit Manchester Place and Riverside on the James. The company was planning to develop a 21-story, SunTrust-anchored tower between the Locks and Riverfront Plaza, but that project was scrapped after the bank pulled out of the deal.  WVS Cos. and developer Tom Papa now are planning a 12-story, 237-unit apartment building on that site.

In recent years, DRP has extended its reach to Richmond’s suburbs, purchasing the three Boulders buildings in 2016 and, the year before, another Chesterfield office building, Arboretum IX, which it purchased for $6.75 million.

The company is working on the Boulders Apartments with Rule Joy Trammell Rubio, an Atlanta-based architecture and interior design firm. Attorney Jim Theobald of Richmond-based law firm Hirschler Fleischer is representing the company in its rezoning request.

Campbell said a contractor has not been picked for the project, which would last 18 months and start construction late this year or early next year if approved according to schedule.

Correction: General Services Corp. purchased Wellesley Terrace last year. An earlier version of this story incorrectly described GSC as the seller.

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Bruce Milam
Bruce Milam
4 years ago

actually, GSC Bought,not sold, Wellesley Terrace last summer.

Bruce Milam
Bruce Milam
4 years ago

This is a great use for that vacant land and no one better than to develop it than DRP. They are doing a beautiful job on I-64 in Charlottesville as they have consistently on the Richmond riverfront over the years.