Real estate development firm The Breeden Co. has closed on a nearly 16-acre parcel in Richmond, Va. The company intends to build an as-yet-unnamed apartment community designed by Humphreys & Partners Architects L.P. on the site.
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This tract is located at the intersection of Route 288 and Genito Road, within the Chesterfield County area of Richmond. Development is expected to commence in spring of 2023, with completion slated for the spring of 2024. Breeden Construction will serve as the project’s general contractor. Once construction is complete, The Breeden Co.’s property management division will be assigned to manage the asset.
The community will feature a blend of one-, two- and three-bedroom apartments, distributed across four residential buildings. The layouts will range from 704 to 1,390 square feet in size. A bark park will be among amenities. Residents will be given the option of choosing attached or detached garages.
“We haven’t encountered any challenges in the development process for The Lake project and hope not to,” Jake Marshall, The Breeden Co.’s vice president of acquisitions and development, told Multi-Housing News.
“While we still have the permitting process to go through, we are a 60-plus-year organization that understands development and therefore we create seamless development processes for the various municipalities. We are also proactive in ordering supplies needed to keep our projects on time and on budget. (That is) something that has allowed us continued success throughout the recent pandemic.”