Demand for apartments in metro Richmond is at a three-year high, with more than 1,200 units absorbed over the past six months, according to Real Data’s most recent market report. Occupancy has reached 94%, while the average rent hit $909. About 3,000 units are under construction. As developers rush to meet the growing demand, two developers recently announced plans to launch projects that will bring 334 units to the market.
According to Virginia Business, Robin Miller & Associates plans to construct a $27 million apartment building on Semmes Avenue between Ninth and Commerce Streets in Manchester. Called 800 Semmes, the project will deliver a 12-story building with 140 apartments, including 6 penthouses. Amenities will include a two-story parking garage, a pool and a fire pit.
Company principal Robin Miller expects the property to attract young professionals looking for the amenities offered by Richmond’s downtown, as well as mid-career professionals and empty nesters. Construction is scheduled to start next month. The first units are expected to be ready by summer 2015.
Richmond BizSense also reported that Spy Rock Real Estate is planning a $26 million, 194-unit project (pictured in rendering at right) on the site of the Coca-Cola bottling plant at Roseneath Road and Clay Street. Spy Rock acquired the project’s 4.5-acre site from the developer David Dagenhart.
Dubbed Preserve at Scott’s Addition, the project will consist of two parts. With the help of historic tax credits, Spy Rock will first convert a 121,000-square-foot building into 70 units with a club room, media room and fitness center. Also on the agenda is a new four-story, 124-unit building.
Preserve at Scott’s Addition will total 200,000 square feet. It is designed by Virginia Beach-based Cox Kliewer & Co. Wells Fargo is financing the project.
Photo credits: Spy Rock Real Estate