Greystar Eyes Master-Planned Project Outside DC
A 365-unit community is part of the mix.
Greystar has acquired a 34.2-acre land parcel in Fredericksburg, Va., with plans to build a master-planned community. The company paid $27 million for the site, in a transaction brokered by S.L. Nusbaum Realty Co.
The development parcel, dubbed Ulmanor Farm, is located at 3430 Fall Hill Ave. in Fredericksburg’s Center corridor. The site is just off Interstate 95 and adjacent to several eateries and retail options. Other major thoroughfares in the area include U.S. Route 1 and Virginia State Route 3.
The master plan calls for:
- 365 multifamily units across four buildings, which will be developed by Greystar
- 240 single-family units, to be developed by Lennar
- a grocery-anchored shopping center, a Regency Centers property.
As part of the project, Greystar will also extend Gordon W. Shelton Boulevard, build a protected pedestrian path and install two bus stops, according to FXBG Advance.
S.L. Nusbaum Realty Co. Senior Vice President Larry Agnew and Vice President Andrew Thacker represented the developer in the land acquisition.
Greystar’s stellar development record
Greystar continues to rank first among the country’s largest multifamily developers, having completed more than 36,600 multifamily units between 2022 and 2024, with more than 31,000 others on the way.
One of the firm’s most significant multifamily projects is The Row at Red Hill, a 1,100-unit community in Santa Ana, Calif. The company broke ground on the development in mid-2022 and completed it across multiple phases from August 2024 through 2025.
Greystar’s development portfolio across metro Washington, D.C., includes the tallest multifamily tower in Arlington, Va., among many others. The firm sold the 423-unit luxury property for $215.8 million last month.
