288 Lofts will consist of four four-story buildings with 160 income-based apartments. (Images courtesy S.L. Nusbaum)
A commercial real estate firm better known for brokering property deals is donning its developer cap for an apartment project in Midlothian.
S.L. Nusbaum Realty Co. is leading the development of 288 Lofts, a 160-unit, income-based apartment complex taking shape beside the northeast quadrant of the Route 288-Midlothian Turnpike interchange.
The $28 million project is among the latest for S.L. Nusbaum, which has developed 64 multifamily residential properties totaling over 10,000 units, according to its website. Headquartered in Norfolk, with an office in Henrico, the company is also a CRE brokerage and also handles property management, acquisitions and financial services.
Units will range from one to three bedrooms and include balconies or patios.
Richard Counselman, Nusbaum’s senior vice president for multifamily development, said the company was attracted to the site for its location, which is across the interchange from Westchester Commons and just west of the Winterfield Crossing development.
Richard Counselman
“The site is in a great location with respect to nearby retail shopping, entertainment, dining, employment and schools, and conveniently located near the intersection of Route 288 and Midlothian Turnpike,” Counselman said in an email.
He said the company paid $950,000 for the land, which totals 9 acres and consists of two parcels. Read Goode with Divaris Real Estate had the listing and represented sellers Salisbury Corp. and Ralph Costen Jr.
Online property records reflected the transaction as occurring Jan. 5, 2022, though they did not reflect the sellers or purchase price. The parcel addresses are 200 and 313 Katrina Court.
Consisting of one-, two- and three-bedroom units, the apartments will range from 700 to 1,230 square feet in size and be targeted to households earning 60 percent of the area median income. Counselman said that generally falls between $42,000 and $70,000 a year for that area, depending on household size.
Counselman said monthly rents have not been set but would be released in early summer.
Each unit will include a patio or balcony, washer and dryer connections, and energy efficiencies that Counselman said would help keep residents’ utility costs low. A clubhouse with fitness center and pool is also planned, along with additional outdoor amenities.
The complex will consist of four four-story buildings with elevators. Construction got underway in March 2022, and the first units are scheduled for delivery this fall.
Construction got underway last March. (Photo courtesy S.L. Nusbaum)
Morgan-Keller Construction is the general contractor on the project, and Townes Site Engineering is handling engineering work. The apartments were designed by TS3 Architects and Details Ltd., both out of Virginia Beach, and Norfolk-based Siska Aurand Landscape Architects is the landscape architect. Virginia Housing and Towne Bank provided financing for the project.
The apartments add to other development underway and in the works in that area. Catty-corner across the interchange at Watkins Centre, developers Lingerfelt and Hourigan are planning a $50 million medical office building to house a new OrthoVirginia location.
288 Lofts is adjacent to The Park at Salisbury apartments, a 320-unit complex that sold in 2019 to Jared Kushner’s Kushner Cos. for just over $60 million.
288 Lofts will consist of four four-story buildings with 160 income-based apartments. (Images courtesy S.L. Nusbaum)
A commercial real estate firm better known for brokering property deals is donning its developer cap for an apartment project in Midlothian.
S.L. Nusbaum Realty Co. is leading the development of 288 Lofts, a 160-unit, income-based apartment complex taking shape beside the northeast quadrant of the Route 288-Midlothian Turnpike interchange.
The $28 million project is among the latest for S.L. Nusbaum, which has developed 64 multifamily residential properties totaling over 10,000 units, according to its website. Headquartered in Norfolk, with an office in Henrico, the company is also a CRE brokerage and also handles property management, acquisitions and financial services.
Units will range from one to three bedrooms and include balconies or patios.
Richard Counselman, Nusbaum’s senior vice president for multifamily development, said the company was attracted to the site for its location, which is across the interchange from Westchester Commons and just west of the Winterfield Crossing development.
Richard Counselman
“The site is in a great location with respect to nearby retail shopping, entertainment, dining, employment and schools, and conveniently located near the intersection of Route 288 and Midlothian Turnpike,” Counselman said in an email.
He said the company paid $950,000 for the land, which totals 9 acres and consists of two parcels. Read Goode with Divaris Real Estate had the listing and represented sellers Salisbury Corp. and Ralph Costen Jr.
Online property records reflected the transaction as occurring Jan. 5, 2022, though they did not reflect the sellers or purchase price. The parcel addresses are 200 and 313 Katrina Court.
Consisting of one-, two- and three-bedroom units, the apartments will range from 700 to 1,230 square feet in size and be targeted to households earning 60 percent of the area median income. Counselman said that generally falls between $42,000 and $70,000 a year for that area, depending on household size.
Counselman said monthly rents have not been set but would be released in early summer.
Each unit will include a patio or balcony, washer and dryer connections, and energy efficiencies that Counselman said would help keep residents’ utility costs low. A clubhouse with fitness center and pool is also planned, along with additional outdoor amenities.
The complex will consist of four four-story buildings with elevators. Construction got underway in March 2022, and the first units are scheduled for delivery this fall.
Construction got underway last March. (Photo courtesy S.L. Nusbaum)
Morgan-Keller Construction is the general contractor on the project, and Townes Site Engineering is handling engineering work. The apartments were designed by TS3 Architects and Details Ltd., both out of Virginia Beach, and Norfolk-based Siska Aurand Landscape Architects is the landscape architect. Virginia Housing and Towne Bank provided financing for the project.
The apartments add to other development underway and in the works in that area. Catty-corner across the interchange at Watkins Centre, developers Lingerfelt and Hourigan are planning a $50 million medical office building to house a new OrthoVirginia location.
288 Lofts is adjacent to The Park at Salisbury apartments, a 320-unit complex that sold in 2019 to Jared Kushner’s Kushner Cos. for just over $60 million.
That’s a great site for what Nusbaum is doing and to think it was labeled “unbuildable” for many years. Thus, the low price. It was a good find. I’m surprised at the attractiveness of the renderings; it’s good to see so much brick and the balconies for a LIHTC development.
I’m surprised they put section 8 and/or housing voucher apartments where there is no public transportation. Nusbaum is smart to take advantage of the guaranteed minimum payment of 30% of the rent (up to 100%) from federal and county subsidy monies.