An area developer who’s been on an apartment hot streak in Hanover County is opening the doors to his latest community.
Larry Shaia’s Charter Realty and Development Co. is putting the finishing touches on Cambridge Square Apartments, a 207-unit complex at 7125 Brandy Run Drive, behind the Goodwill store and Food Lion-anchored Brandy Hill Plaza shopping center at Mechanicsville Turnpike and Lee Davis Road.
The $36 million project is more than a year in the making, with Shaia purchasing the land in November 2017 for $1.26 million and construction starting in mid-2018. Consisting of primarily one- and two-bedroom units, the apartments are similar to Shaia’s Charleston Ridge complex in the county’s Atlee area, though Cambridge Square also has three-bedroom units and some upgraded amenities.
Residents began moving in in mid-December, with 27 leases signed at that time since leasing began in October. Rents range from $1,100 to $1,700 a month for units ranging from 735 to nearly 1,400 square feet.
The community’s clubhouse includes a larger fitness center, and media and conference rooms, along with a business center and café area overlooking a central courtyard. Shaia opened the building that houses the clubhouse in early December – the first of the community’s five buildings, which vary between four and five stories and are all equipped with elevators.
The courtyard, accessible only via the buildings, includes a pool, pavilion and walking path. Other amenities include a dog park and playground. Shaia said the restricted access is meant to provide a sense of community for residents.
The apartments are managed by TSB Management Group, formed from Shaia’s purchase of R.C. Evans Management Group, the property management arm of Midlothian-based Ronald C. Evans & Associates. Shaia said TSB provides management for some of Evans’ properties, as well as Charleston Ridge, Shaia’s Charter Creek apartments in Ashland and separately owned properties such as Cross Creek in North Chesterfield.
The property management sale came around the same time that Evans unloaded a chunk of its portfolio. Last summer, the firm sold two apartment properties in Chesterfield County to Kushner Cos., the first Richmond-area purchases for the real estate company of President Donald Trump’s son-in-law and senior adviser Jared Kushner.
On Cambridge Square, Shaia worked with TowneBank on financing and enlisted some of the same firms that were behind Charleston Ridge: contractor Purcell Construction, Winks Snowa Architects and Townes Site Engineering.
Joining the group for Cambridge Square were architecture firm Wendel, which designed the interiors, and Cite Design, which handled landscape design. Zannino Engineering handled geotechnical work, and Virginia Integrated Communications oversaw audio/visual equipment, key fobs and electronics.
Correction: Cross Creek apartments in North Chesterfield is owned by Cross Creek Associates Limited Partnership, not Shaia’s Charter Realty and Development Co. as previously reported. Shaia’s TSB Management Group provides property management for Cross Creek.