A recent land deal has set the stage for the next in a string of apartment developments that are set to add thousands of new units in Innsbrook.
Dominion Realty Partners closed last month on its purchase of about 12 acres at 5000 Dominion Blvd., where it is planning a mix of 305 apartments and 58 for-sale townhomes, the latter to be built by HHHunt Homes.
The $13.5 million deal closed Nov. 19, DRP President Michael Campbell said. CBRE reported the sale, which was not yet reflected in online property records for Henrico. An assessment value for the land was not specified in the records.
CBRE’s Andrew Ferguson, Chris Wallace and Jason Hetherington represented Dominion Energy in the deal. Despite the shared “Dominion” name, the two companies are unrelated.
The acreage is part of the 63-acre property that houses Dominion Energy’s Innsbrook Technical Center, which is undergoing a renovation and expansion. DRP’s 12.5 acres make up a mostly undeveloped tract that CBRE listed for sale last year.
Campbell said site work for the $80 million project would start shortly, with the first of the one- and two-bedroom apartments delivered after 20 months. Full buildout is expected in 22 months.
Pricing and sizes for the apartments and townhomes were not available. Atlanta-based Rule Joy Trammell + Rubio is designing the apartments, which DRP will build. Campbell said the apartments’ rents will be market-rate.
“They’ll be in line with the balance of the market of the Innsbrook area,” he said.
Already active in the Boulders Office Park in Chesterfield, where it is building the second phase of its Boulders Lakeside Apartments, DRP was drawn to the Innsbrook site for its access to major roadways, employment and retail, Campbell said.
“You’ve got Broad Street and accessibility to (Interstate) 295 and all areas of Richmond, there’s a significant amount of jobs right in and around Innsbrook, and there’s not a better retail location along Broad Street,” he said. “The combination of those three were ingredients for us to focus on this site.”
Campbell also noted the influx of multifamily residential development that’s followed Henrico’s introduction of urban mixed-use zoning to the decades-old office park.
“The future of Innsbrook is going to be more mixed-use than just traditional office, and you’re starting to see other multifamily and residential out there,” he said.
First among those projects was Innslake Place, a 350-unit complex by WAM Associates LLC at Innslake Place and Dominion Boulevard. Others are in the works, including a series of infill projects by Lingerfelt Development that are set to add more than 1,000 apartments across five of its office properties.
Between Innslake Place and DRP’s site, construction is going vertical on Robinson Development Group’s Metropolis at Innsbrook, planned for 700 apartments and 13,000 square feet of commercial and amenity space on 14 acres between Dominion Boulevard and Sadler Road, just west of Dominion Energy’s property. Robinson paid $7.4 million for the 14-acre site in late 2019.
And farther north, construction is underway on a four- and five-story building that will include 234 apartments, 5,600 square feet of ground-level retail space, nearly 5,000 square feet of office space and a 370-space parking deck.
The 250,000-square-foot building is by Ohio-based Silver Hills Development and Edwards Communities and is filling a 3.3-acre lot at Sadler and Nuckols roads that sold in July for $2.95 million.
Across the river at the Boulders, Campbell said DRP’s apartments there have performed well, with the first phase’s 248 apartments reaching stabilization in June with a 95 percent lease-up.
Campbell said framing for the next 214 units would start soon. Units listed on the apartments’ website ranged from $1,500 to $1,800 a month for floorplans ranging from 750 to 1,150 square feet.
“That’s been really well-received in the market,” Campbell said of Boulders Lakeside, “and we believe Innsbrook will have the same reception.”