US-based property management company Middleburg Communities is set to build a rental townhome community in Glen Allen, Virginia.
The company has closed on a 13.48-acre land parcel to build the community, named The Brook, which will include 310 apartment units.
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Site construction is scheduled to commence this month, and the community is anticipated to open late next year.
Middleburg Development president Selim Tay-Agbozo said: “We are pleased to have acquired this strategic land parcel just 15 minutes from downtown Richmond.
“Northern Richmond has been underserved for two decades now, and the pace of development has lagged the growth the area has experienced during this time. As such, there is a tremendous need for the type of product we plan to build.
“We look forward to leveraging our institutional-quality development platform to develop this project on time and to providing the residents in the area with a high quality, vibrant community to call home.”
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By GlobalDataThe Brook will be built as a joint venture (JV) between Middleburg, which will serve as the development manager, and The Resmark Companies as the investment partner.
Truist Bank has provided financing for this project.
The apartment segment of The Brook will be spread across five four-storey buildings and will feature a mix of one, two, and three-bedroom floorplans.
The townhome segment of the project will consist of six buildings each featuring six units with two and three-bedroom floorplans and private garages.
One of the apartment buildings will include an integrated clubhouse accessible to all residents and a leasing centre.
The project will offer a range of amenities such as interiors with upscale finishes, an outdoor swimming pool, a fitness centre and yoga studio, grilling stations, a pet park and spa, and electric vehicle (EV) charging stations.
Resmark Investments senior vice-president Stephen O’Neil said: “Middleburg is our ideal partner for The Brook development given its extensive track record of generating value for its investment partners.
“The opportunity to be part of The Brook was very attractive for us because of the lack of inventory that currently exists in the coveted northern section of Richmond, which possesses many of the qualities that make it an ideal destination to raise a family – strong employment, educational and cultural opportunities. We look forward to delivering a community that matches the character of the area.”
The Brook is Middleburg’s second planned multifamily complex in the Richmond Metropolitan Statistical Area (MSA).
Earlier this year, the company stated that it would break ground later this year on Hamlet Watkins Centre, a build-to-rent community featuring 283 homes in Midlothian.
