Chesterfield County, Va.—Robinson Development Group Inc. and Drucker and Falk LLC have broken ground on a new 255-unit apartment development in Chesterfield County, Va. The project will be on 18 acres on Charter Colony Pkwy. within the mixed-use CenterPointe development.
CenterPointe, which is owned by Richmond-based Riverstone Group, already includes an office building called CenterPointe, as well as 200 acres of undeveloped land near the Bon Secours St. Francis Medical Center. Norfolk, Va.-based Robinson, a regional developer that specializes in build-to-suit projects, says construction on the new apartments will be complete in about 18 months.
Its joint venture partner on the development, Drucker and Falk, is a real estate services and investment firm based out of Newport News, Va. It will provide the leasing and apartment management for the property upon completion. BB&T is providing the construction financing for the project.
The Charter Colony Pkwy project is the second multifamily deal in which the two companies have worked together. Previously, the JV acquired and renovated the Apartments of Stonehenge, a 452-unit property in Raleigh, N.C. That property was later sold for about $40 million.
Chesterfield County is in the Richmond, Va., MSA. As the Richmond MSA has grown, so has the county. In 2000, according to Census Bureau data, nearly 260,000 people lived in the county’ by 2013, the bureau estimates that nearly 327,000 people live there.