Virginia

True Ground Housing Breaks Ground on $64M Affordable Seniors Housing Community in Metro DC

by John Nelson March 21, 2025

CHANTILLY, VA. — True Ground Housing Partners has broken ground on a $64 million affordable seniors housing community in Chantilly, roughly 30 miles outside Washington, D.C. Dubbed Avonlea Senior, the development will be situated within the Avonlea Town Center master-planned community developed by Peterson Cos. The project team includes general contractor Bozzuto Construction, Advanced Project Management (APM), Grimm + Parker Architects, Moya Design Partners, Allen + Shariff Corp. and civil engineer Urban Ltd. Upon completion, the community will comprise 137 units for residents age 55 and older. The property will also feature a wellness suite, business center and two community rooms. Completion of the project is slated for summer 2026. Financing for the development includes low-income housing tax credits (LIHTC) from Virginia Housing; more than $6 million from Loudoun County’s affordable multifamily housing loan program; $7.5 million from Amazon REACH; $1.4 million in Virginia Housing Trust Fund financing; and $4 million from Virginia’s Housing Innovations in Energy Efficiency (HIEE) program. Additionally, Truist has purchased approximately $29 million in tax credit equity. Formerly Arlington Partnership for Affordable Housing, True Ground Housing Partners is a nonprofit affordable housing developer.

March 21, 2025

Acquisitions Industrial Southeast Virginia

JLL Income Property Trust Purchases Richmond Distribution Center for $40.7M

by John Nelson March 19, 2025

RICHMOND, VA. — Chicago-based JLL Income Property Trust has purchased a 280,000-square-foot distribution center in Richmond for $40.7 million. The Class A property was delivered in 2022 and features a 200-foot truck court, 32-foot clear heights, truck storage spaces and cold storage areas. The property has direct access to I-895 and is located within two miles of Richmond International Airport and eight miles from I-95. Two unnamed, global tenants occupy the facility with a weighted average lease term (WALT) of 8.4 years.

March 19, 2025

Acquisitions Multifamily Southeast Virginia

Bonaventure Buys 250-Unit Solace Apartments in Virginia Beach

by John Nelson March 18, 2025

VIRGINIA BEACH, VA. — Alexandria, Va.-based Bonaventure has purchased Solace Apartments, a 250-unit multifamily community located at 400 S. Military Highway in Virginia Beach. The acquisition was made as an UPREIT transaction, an investment strategy where property owners contribute real estate to a REIT’s operating partnership in exchange for ownership interest in that partnership. Robert Prodan served as a contributor with Bonaventure’s REIT, Bonaventure Multifamily Income Trust (BMIT), in the UPREIT acquisition. The seller and sales price were not disclosed. Built in 2014, Solace features one- and two-bedroom apartments, as well as a pool, fitness center, grilling stations and a community clubhouse.

March 18, 2025

Acquisitions Retail Southeast Virginia

SRS Brokers $10M Sale of Flagship Commons Retail Center in Ashburn, Virginia

by John Nelson March 6, 2025

ASHBURN, VA. — SRS Real Estate Partners has brokered the $10 million sale of Flagship Commons, a 13,316-square-foot retail strip center located at 44795 Dulles Overlook Drive in Ashburn. Delivered in 2022 near a Topgolf and iFly, the center features an endcap Dunkin’ restaurant and drive-thru. Other tenants at Flagship Commons include Five Guys, The Big Screen Store, Club Champion and Finn Thai. Andrew Fallon, Philip Wellde Jr. and Rick Fernandez of SRS represented the developer/seller in the transaction. John Marshall Bank provided acquisition financing on behalf of the buyer, a private investment firm based in Northern Virginia that purchased the retail center as part of a 1031 exchange.

March 6, 2025

Acquisitions Development Hospitality Mixed-Use Multifamily Retail Southeast Virginia

Richmond EDA Sells, Transfers 18-Acre Site for $2.4B Diamond District Project

by John Nelson March 5, 2025

RICHMOND, VA. — The City of Richmond’s Economic Development Authority (EDA) has sold and transferred an 18-acre parcel to the developer of Diamond District, a $2.4 billion mixed-use development in the Virginia state capital. The developer, an entity led by Thalhimer Realty Partners Inc. called Diamond District Partners LLC, will soon begin construction on public works infrastructure and a mixed-use development on the site. The parcel, called Phase 1A, will include six acres of public infrastructure that will be conveyed back to the city and the EDA upon completion. The remainder of the parcel will house a 180-room hotel, 161 workforce housing units that will be reserved for households earning 60 percent of the area median income, 730 market-rate apartments and 30,000 square feet of commercial space that can be expanded. The land sold for $11.4 million. Phase 1B and Phase 1C of Diamond District will include an additional 177 affordable housing units, 625 market-rate apartments and 126,000 square feet of commercial space. Additionally, CarMax Park, the future home of the Richmond Flying Squirrels Minor League Baseball team, is under construction within the Diamond District and is scheduled to open in 2026. Diamond District Partners LLC anticipates breaking ground on …

March 5, 2025

Acquisitions Industrial Southeast Virginia

Penzance Buys Industrial Portfolio in Manassas, Virginia for $55M

by John Nelson March 3, 2025

MANASSAS, VA. — Penzance has acquired Gateway & Linden, a six-building industrial portfolio totaling 212,086 square feet in Manassas, for $55 million. The transaction includes two industrial flex parks, Gateway Centre and Linden Business Center, where Penzance plans to lease current and upcoming vacancies up to 33,000 square feet. Additionally, office suites will be converted for industrial use by raising dropped ceilings and adding dock doors. Built in 1988, Gateway Centre is located at 7201-7401 Gateway Court and totals 102,277 square feet. Linden Business Center, built in 2001, is situated at 7245-7795 Coppermine Drive and totals 109,809 square feet. JLL’s Metro D.C. industrial team will lead leasing efforts for the property and Penzance’s in-house property management team will oversee operations. Bill Putting, Craig Childs and Chris Dale of JLL’s Mid-Atlantic Capital Markets team served as the advisors for the transaction.

March 3, 2025

Industrial Leasing Activity Southeast Virginia

Matan Signs 111,368 SF Industrial Lease at Riverside Research Park in Frederick, Maryland

by John Nelson March 3, 2025

FREDERICK, MD. — Matan Cos. has signed a 111,368-square-foot industrial lease at Riverside Research Park in Frederick, about 45 miles northwest of Washington, D.C. The research-and-development campus comprises two adjoining properties — 8484 Progress Drive and 8480 Progress Drive — that offer a total of 280,000 rentable square feet. The undisclosed tenant signed the lease at 8484 Progress Drive. Both buildings offer free, surfaced parking, several gazebos and five miles of walking trails. Matan was internally represented by Brad Benna in the lease transaction. Tim Shanklin of Tyler Duncan Real Estate represented the tenant.

March 3, 2025

Affordable Housing Development Loans Multifamily Southeast Virginia

Advantage Capital Closes Financing for Affordable Housing Development in Charlottesville, Virginia

by John Nelson February 26, 2025

CHARLOTTESVILLE, VA. — Advantage Capital has closed the financing for the second phase of Kindlewood, a $68 million affordable housing redevelopment and expansion in Charlottesville. Phase II, which broke ground last month, will add 100 new units, half of which are replacement units for existing residents and the rest are new affordable housing units. The second phase will also include a new learning center, community center and the headquarters for Piedmont Housing Alliance, a partner in Kindlewood’s development team. National Housing Trust is also a development partner for Kindlewood. The last tranche of financing was $9.6 million in state Low-Income Housing Tax Credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program. The development team expects to deliver the second phase in fall 2026.

February 26, 2025

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $6M Sale of Shopping Center in Danville, Virginia

by John Nelson February 25, 2025

DANVILLE, VA. — Cushman & Wakefield | Thalhimer has brokered the $6 million sale of a shopping center located at 143 and 153 Crown Drive in Danville, a city on the Virginia-North Carolina border. The 76,622-square-foot retail center is situated on 9.2 acres. Wyatt Poats of Cushman & Wakefield | Thalhimer represented the seller, an entity doing business as GDC Properties I LLC, in the transaction. The buyer was a company doing business as BWDD LLC.

February 25, 2025

Development Southeast Student Housing Virginia

Up Campus Student Living to Break Ground on 641-Bed Student Housing Development Near University of Virginia

by John Nelson February 20, 2025

CHARLOTTESVILLE, VA. — Up Campus Student Living is set to break ground on Blume on Ivy, a 641-bed student housing development located near the University of Virginia campus in Charlottesville. The community will offer one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a resort-style pool; rooftop entertainment deck with a jumbotron, cabanas, grills and fire pits; a game day lounge; golf simulator; and a boutique health-and-wellness center with private cross-training studios and a sauna. The project is scheduled for completion in fall 2027. TSB Capital Advisors arranged construction financing for the development, which was provided by Fifth Third Bank with additional participation from First Citizens Bank.

February 20, 2025

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