Another piece has fallen into place for a Maryland firm’s new residential development near The Diamond.
Outlier Realty Capital purchased 1101 N. Arthur Ashe Boulevard for $1.22 million last week, giving it control of the 0.3-acre site on which it plans to build a six-story, 29-unit co-housing project.
Outlier’s version of co-housing, in this instance, involves tenants in the building having their own private bedrooms and bathrooms but sharing other living areas.
Based in Bethesda, Outlier’s portfolio includes over 20 multifamily developments near Northern Virginia and in Eastern Virginia, including over 2,000 co-housing beds. The Arthur Ashe Boulevard project is Outlier’s first in Richmond and will add 148 bedrooms to its tally.
Outlier purchased the property, formerly home to McCauley’s Paint & Body shop, from Warwick Park LLC, an entity represented by local law firm Baronian & Associates P.C. The city most recently assessed the land at $817,000.
Last summer, Outlier successfully acquired a special-use permit for the project.
The company previously said during the SUP process that rents at the building would include all utilities and are likely to be between $800 and $950, with minimum lease terms of 90 days. Units would be fully furnished and tended to by a cleaning service.
It’s unclear when Outlier intends to break ground on the project. Calls and emails sent to Outlier’s managing partner Peter Stuart were not returned by press time.
While Outlier’s project will be offering the first rentable co-housing units, another such approach arrived in Manchester last year with a condo ownership model at 901 Porter St.