A multimillion-dollar renovation of a federally subsidized apartment complex in Henrico is signaling a new trend of county involvement in such projects, with more to come.
Residential Real Estate
Erickson Living, a Maryland-based developer, is preparing to go vertical on Avery Point, a 1,400-unit project on 94 acres at 1549 Wilkes Ridge Parkway.
A crowd of homebuilders, developers and real estate agents huddled inside a heated tent in the under-development River Mill community for Richmond BizSense’s third “Future Of” event.
While a Goochland County mansion that for years had been the highest-priced residential listing in the region led area home sales last month, the rest of October’s top five sales were not shabby themselves, each coming in above $1.5 million.
Left hanging by the collapse and bankruptcy of MGT Construction, a local developer is now suing an insurance company for allegedly not holding up its end of the deal on an apartment rehab in North Carolina.
One of the pioneers in single-family and multifamily development in Henrico County is parting ways with nearly 50 percent of its apartment holdings, consisting of nearly 1,000 units. The buyer is local.
The developer behind some of the Midlothian area’s more established residential communities received an icy reception to its latest proposal in nearby Powhatan County.
The new owners and operators of a 16,000-square-foot Goochland County mansion that’s soon to become the region’s newest event venue have a clear path forward, although a winery they had lined up for the property is no longer part of the deal.
Bullish on Manchester’s multiplying multifamily counts, Mercer Street Partners has made a third investment in the fast-growing South Richmond neighborhood – and its fifth acquisition in Richmond overall.
“I’m not going to say it’s going to happen by the end of the year, because I don’t want to make promises I can’t keep. But we are keenly aware of what we need to do to turn the ship in the right direction,” said the city’s Sharon Ebert.