Drawings of the planned townhomes. (Courtesy Walutes Capital)
An upstart developer is looking to break into the residential scene with an infill project near Regency.
Walutes Capital, led by Chipp Naylon, a former Marine who got his start in the business at The Monument Cos., is planning to build The Hillside, a 20-townhome development at 9214 Quioccasin Road.
The wooded 1.75-acre project site is about a mile west of the ever-evolving Regency mall in Henrico County.
Chipp Naylon
Naylon said he started investing in single-family homes while in the military, and that after leaving Monument he became a CPA as he prepared to launch Walutes in 2020.
“I enjoyed real estate, and I saw accounting as a route into the commercial side,” Naylon said. “I was intrigued by working for myself. I come from a family of self-employed individuals.”
Walutes’ first project was an office renovation near Staples Mill and Hermitage roads, and last November the company bought the site for The Hillside for $450,000.
Naylon said The Hillside is his first residential development.
“Land is limited, and the goal with this property is to develop high-quality, townhouse-style rentals,” Naylon said. “It’s an infill lot in a great part of Tuckahoe (and) there just aren’t too many opportunities there.”
The Hillside would consist of two rows of 10 townhomes, each reaching three stories, plus a commercial space fronting Quioccasin that’ll serve as Walutes’ office. The townhomes are planned to be split evenly between three- and four-bedroom units, with each totaling around 1,500 square feet.
The mostly wooded site is just east of the intersection of Quioccasin and Pemberton roads. (Google Maps)
Naylon said the land is an Opportunity Zone, and that he’s planning to rent the townhomes at The Hillside for about a decade before selling.
“Due to its nature as a qualified Opportunity Fund, there’s a requirement to hold the interest in that fund for a minimum of 10 years before exit (in order) to reap the full tax benefits of the deal,” he said.
Cornerstone is the project architect and Sekiv Solutions is the engineer. Naylon said he hasn’t selected a general contractor yet and that First Community Bank was his lender for the land deal.
Naylon said he’s hoping to break ground on The Hillside this fall, and that he plans to pursue other infill projects around the region.
“I think there’s an opportunity to provide high-quality rental living for people as they figure out how to navigate putting together a down payment, extremely high interest rates and all the other challenges that go with qualifying for your first home mortgage,” he said. “Unfortunately in the environment we live in, too few people can afford to buy and still want to live in quality rental housing.”
Drawings of the planned townhomes. (Courtesy Walutes Capital)
An upstart developer is looking to break into the residential scene with an infill project near Regency.
Walutes Capital, led by Chipp Naylon, a former Marine who got his start in the business at The Monument Cos., is planning to build The Hillside, a 20-townhome development at 9214 Quioccasin Road.
The wooded 1.75-acre project site is about a mile west of the ever-evolving Regency mall in Henrico County.
Chipp Naylon
Naylon said he started investing in single-family homes while in the military, and that after leaving Monument he became a CPA as he prepared to launch Walutes in 2020.
“I enjoyed real estate, and I saw accounting as a route into the commercial side,” Naylon said. “I was intrigued by working for myself. I come from a family of self-employed individuals.”
Walutes’ first project was an office renovation near Staples Mill and Hermitage roads, and last November the company bought the site for The Hillside for $450,000.
Naylon said The Hillside is his first residential development.
“Land is limited, and the goal with this property is to develop high-quality, townhouse-style rentals,” Naylon said. “It’s an infill lot in a great part of Tuckahoe (and) there just aren’t too many opportunities there.”
The Hillside would consist of two rows of 10 townhomes, each reaching three stories, plus a commercial space fronting Quioccasin that’ll serve as Walutes’ office. The townhomes are planned to be split evenly between three- and four-bedroom units, with each totaling around 1,500 square feet.
The mostly wooded site is just east of the intersection of Quioccasin and Pemberton roads. (Google Maps)
Naylon said the land is an Opportunity Zone, and that he’s planning to rent the townhomes at The Hillside for about a decade before selling.
“Due to its nature as a qualified Opportunity Fund, there’s a requirement to hold the interest in that fund for a minimum of 10 years before exit (in order) to reap the full tax benefits of the deal,” he said.
Cornerstone is the project architect and Sekiv Solutions is the engineer. Naylon said he hasn’t selected a general contractor yet and that First Community Bank was his lender for the land deal.
Naylon said he’s hoping to break ground on The Hillside this fall, and that he plans to pursue other infill projects around the region.
“I think there’s an opportunity to provide high-quality rental living for people as they figure out how to navigate putting together a down payment, extremely high interest rates and all the other challenges that go with qualifying for your first home mortgage,” he said. “Unfortunately in the environment we live in, too few people can afford to buy and still want to live in quality rental housing.”
The Opportunity Zone concept has been a winner in Richmond. Look at the areas that have been redeveloped with it as a catalyst: Scotts Addition, Shockoe, Olde Manchester, the Broad Street corridor downtown, Libbie Mill, and Regency. Perhaps another wave of it is due. If government wants to spur redevelopment, it has to use its biggest tool at its disposal and that’s its real estate tax. The locals could do that in a widespread area to spur new affordable housing if they’d put their heads together.
All three, Libbie Mill, Regency, and Scott’s Addition were well on their way prior to opportunity zones. It did change the math on development, but I would not credit them for those three areas.
I can’t seem to delete my comment? Probably user error on my part.
It is not your fault. After some period of time since a comment is posted, the site seems to disable the delete option (I think edit later as well).
EDIT: Looks like the delete option has been completely removed.
thanks Justin – good to know.
Ugh! More rental property, another developer thinking of his bottom line under the guise of “giving ppl a place to rent while they save for down payment.” A better way to facilitate this problem is to sell condos or houses w low down or rent to buy or low interest rate loans…but that would be hard!!! Signed, Exasperated in RVA
Agreed! We need more home ownership, not more rentals. Also exasperated in RVA.