VIENNA, Va.--(BUSINESS WIRE)--Middleburg Communities (“Middleburg”) today announced it has closed on a 13.48-acre land parcel at 9002 Brook Road in Glen Allen, Virginia. Middleburg plans to develop a 310-unit, class-A apartment and rental townhome community on the site (“The Brook”), marking one of only a select few market-rate developments to be built in the area in the last 20 years. Construction of The Brook is slated to begin this month, with the community scheduled to open in late-2024.
“We are pleased to have acquired this strategic land parcel just 15 minutes from downtown Richmond,” stated Selim Tay-Agbozo, President of Middleburg Development. “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.”
The Brook will be developed as a joint venture between Middleburg as development manager and The Resmark Companies (“Resmark”) as investment partner. The apartment part of The Brook will consist of five, 4-story apartment buildings with elevator service totaling 274 units, and will offer a mix of one-, two-, and three-bedroom floorplans. The townhome portion of the community will be made up of six, 6-unit buildings with two- and three-bedroom floorplans complete with private garages. What’s more, one of the apartment buildings will have an integrated clubhouse that is open to all residents and a leasing center, while the property will be equipped with a number of premium amenities, such as high-end interiors with upscale finishes, an outdoor swimming pool, a fitness center and yoga studio, grilling stations, a dog park, a pet spa, electric vehicle charging stations and more.
“Middleburg is our ideal partner for The Brook development given its extensive track record of generating value for its investment partners,” commented Stephen O’Neil, Senior Vice President of Investments at Resmark. “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.”
Situated along US Route 1 in Henrico County, the location of The Brook is a 20-minute rush hour drive from 60 percent of all jobs in the MSA. What’s more, the site is proximate to several other major developments, including GreenCity, a proposed 204-acre, $2.3 billion mixed-use “ecodistrict” which is slated to break ground this year, and Virginia Center Commons, a 775,000 square foot mall that is currently being redeveloped to add a mix of residential and retail uses alongside an indoor sports and 4,500-seat convocation center. The Brook is the second multifamily community Middleburg plans to develop in the Richmond MSA. Earlier this year, the company announced it will break ground on Hamlet Watkins Centre, a 283-home build-to-rent community in Midlothian later this year.
“I am very excited that one of the first development projects I will be overseeing since joining Middleburg is The Brook,” said Robin Bettarel, Managing Director of Development for Middleburg’s Mid-Atlantic Region. “The type of residential community we are building is pretty much non-existent in the submarket, so we expect to see significant demand for The Brook given all that the property will have to offer.”
Financing for the project was provided by Truist Bank.
About Middleburg Communities
Middleburg is a leading investment firm maximizing value through a fully integrated approach to the acquisition, development, construction and operations of high-quality attainable rental housing. Since 2004, Middleburg has acquired and developed more than 22,000 apartment units, executing over $3 billion in transactions. The Middleburg team shares a vision for greater value creation through community impact. The firm’s success is rooted in a genuine desire to serve its local communities in thoughtful and holistic ways. Middleburg embraces people, property, and partnerships to enhance the lives of others, contribute positively to its neighborhoods and maximize real returns for partners. For more information, please visit www.middleburgcommunities.com.
About The Resmark Companies
Founded in 1995, Resmark is a leading residential real estate investment manager that provides capital to premier homebuilders, land developers, and multifamily developers across the United States. As a fiduciary to its investors, Resmark is a best practices aggregator that provides preferred access to America’s best residential developers. The firm has participated in more than 275 investments encompassing over 90,000 single-family and multifamily residential units. Headquartered in Los Angeles, Resmark operates nationally and maintains offices in select target markets. For additional information, please visit www.resmark.com