The wooded site sits across Leigh Street from the former Washington Commanders practice facility. (BizSense file photo)
A development giant has splashed some cash near Scott’s Addition.
Last week Greystar, a South Carolina-based firm that touts itself as one of the biggest apartment developers and owners in the country, bought the 6-acre wooded lot at 2700 W. Leigh St. for $18.4 million, city records show.
The property sits just east of the Movieland At Boulevard Square complex, and has long been planned for a sizable multifamily development.
In 2022, a different development group bought the plot from Movieland owner Bow Tie Cinemas and filed plans to build a 374-unit apartment building on the site. That group included Maryland private equity firm FCP, and Level 2 Development and SJG Properties, the D.C. developers currently building the eight-story Ace building around the corner on Arthur Ashe Boulevard.
Despite having the land secured and their plan of development approved, the FCP group’s development was one of many in the region to be delayed due to high interest rates and increased construction costs. Earlier this fall, Greystar stepped in and took the lead on the project, which is now set to total 388 units and reach seven stories.
The Nov. 13 sale marked a nearly $3 million windfall for FCP’s group, as they’d bought the land for $15.5 million in spring 2022. The city most recently assessed the parcel, which is zoned TOD-1 Transit-Oriented Nodal district, at $7.3 million.
The per-acre sales price comes in at $3.1 million, which is $2 million less than the current per-acre high bar in the Scott’s Addition area. That mark was set by Henrico-based Capital Square’s $5.2 million per-acre purchase of the 2-acre former Dairy Bar complex on Roseneath Road.
Greystar has previously co-developed in Richmond, namely at The Otis in Scott’s Addition, which it took on with Capital Square.
Level 2 is still on the development team for 2700 W. Leigh St., but it’s unclear whether SJG still is. SJG did not respond to requests for comment, and Greystar spokespeople weren’t available for comment by press time. FCP declined to comment.
Greystar’s project will rise just south of the city’s new baseball stadium, which as of a few weeks ago broke ground across the train tracks as part of the overall Diamond District development.