AIP, Pointsfive Prep $132M Redevelopment in Richmond
The project is taking shape at the site of a Greyhound bus terminal.
A joint venture between AIP, Pointsfive and Bridge Investment Group is preparing a $132 million redevelopment in the Scott’s Addition neighborhood of Richmond, Va. into a 386-unit multifamily community. Construction is slated to begin in the second quarter.
Walker & Dunlop secured $85.6 million in construction financing provided by Madison Realty Capital for the project, along with an undisclosed amount of equity investment from Bridge Investment Group. Walker & Dunlop Capital Markets Institutional Advisory and Equity & Structured Finance served as advisers to the co-developers.
Plans in Scott’s Addition
The site, located at 2910 North Arthur Ashe Boulevard, is within a Qualified Opportunity Zone. It was formerly home to a Greyhound bus terminal and service depot. In addition to the apartments, plans call for three outdoor courtyards, more than 55,000 square feet of amenity space and more than 14,000 square feet of retail.
Scott’s Addition, a former industrial district that measures less than one square mile, is currently home to more than a dozen craft breweries, James Beard-nominated restaurants, fitness studios, coffee shops, retailers and multifamily housing.
In addition to the new property, the developers also plan to make a number of improvements to the area’s local infrastructure including enlarged sidewalks, as well as a porte-cochere that complements the retail space.
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Neighborhood streets have tree-lined sidewalks and a network of bike infrastructure. The $2.4 billion Diamond District redevelopment is adjacent to Scott’s Addition, and to the east is a new minor league ballpark, home to the Double-A Eastern League affiliate of the San Francisco Giants.
Walker & Dunlop’s Mo Beler, Jonathan Paine, Heather McClure, Cory Elbaum, Michael Williams, and Jackson Irwin arranged the project’s equity investment from Bridge Investment Group, while Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Sean Reimer, and Michael Brown secured construction financing with Madison Realty Capital.
Richmond developments continue apace
Supply growth for Richmond-area multifamily cooled off a bit toward the end of 2025, according to a report from Yardi Matrix. Still, developers had 6,627 apartments underway in the area, and construction starts picked up steam last year, with new developments nearly doubling.
Scotts Addition is a hotspot for developers. In November, a joint venture Hoffman & Associates and DeBartolo Development obtained $144 million in financing for the development of a mixed-use residential community at 3200 W Moore St., also in Scott’s Addition.
In February of this year, Capital Square completed construction of Chasen, a 352-unit multifamily community in Scott’s Addition. That was the firm’s fifth opportunity zone residential development in the neighborhood since 2020.
