Argosy Real Estate Partners Acquires Opportunity Zone Site for Multifamily Development in Richmond, VA
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.