We are pleased to announce that Argosy Real Estate Partners has closed on the acquisition of an approximately one-acre, fully entitled site in the historic Manchester neighborhood of downtown Richmond, Virginia, for the development of The Commodore, a 173-unit, Class A multifamily community with 3,500 square feet of ground floor retail.

The project, which offers convenient access to downtown Richmond, will consist of a five-story wood-frame building over two levels of below-grade parking (229 parking spaces) with a mix of one-bedroom (55%), two-bedroom (37%), and three-bedroom (8%) units. The project provides the opportunity to develop a Class A multifamily property on one of the most prominent sites in the Manchester neighborhood while obtaining the benefits of investing within a Qualified Opportunity Zone.

The project will be developed in partnership with Capital City Real Estate, a Washington, DC-based, vertically-integrated, real estate development company founded in 2006 which specializes in urban infill, mixed-use development. Since inception, Capital City Real Estate has developed more than 40 properties, with seven active projects under construction or in pre-development phases.