Hoffman, DeBartolo Land $144M for Richmond Project
Development is taking shape in a former industrial district.
Hoffman & Associates and DeBartolo Development have obtained $144 million in financing for the development of a mixed-use residential community at 3200 W Moore St. in the Scott’s Addition neighborhood of Richmond, Va. Work will start on the project early next year.
The financing includes a senior construction loan from TD Bank and an equity investment from Red Cove Capital. Berkadia supported the effort to raise capital on behalf of the developers.
3200 W Moore Street will have 366 apartments and more than 18,000 square feet of retail space at full build-out. The property will include more than 10,000 square feet of amenity space including a number of courtyards and terraces as well as a pool deck, lounge, dining and event spaces.
Once an industrial district, Scott’s Addition is now a residential and entertainment-centric neighborhood. Located near downtown Richmond, is especially known for its microbreweries and other craft alcohol makers. The area is popular with young professionals.
Hoffman & Associates has developed nearly 80 mixed-use, residential, office and retail projects, including ones in metro Washington, D.C., Richmond, Raleigh and Charlotte, NC. The company kicked off development of The Wharf, a 3.5-million-square-foot neighborhood along Washington’s waterfront before selling its interest.
River City multifamily fundamentals strong
Multifamily supply growth is still fairly strong in Richmond, with 6,627 apartments underway as of August and construction starts picking up steam in 2025, with new developments nearly doubling, Yardi Matrix reports. During the first eight months of the year, developers completed 4,346 units, which was 1.6 percent of inventory, and roughly 1,000 units fewer than during the same period in 2024.
READ ALSO: Richmond Multifamily Report
Demand has been generally keeping pace with supply in the market, with overall occupancy in stabilized assets above the national figure, at 95.2 percent as of July, the same source notes. This represents a slight increase, despite last year’s robust supply expansion.
Rent growth has slowed. Growth in average advertised asking rents in the Richmond market softened to 0.2 percent on a trailing three-month basis through August, while the U.S. figure was up 0.1 percent, according to Yardi Matrix. Year-over-year, rents in metro Richmond were up 2.2 percent, compared with the national average of 0.7 percent.
