S.L. Nusbaum Begins Construction on Virginia Asset
Fall 2023 is the anticipated completion date for the first units at the project.
S.L. Nusbaum Realty Co. has broken ground on its 160-unit community in Midlothian, Va. The firm is expecting to deliver the first units of the affordable community, 288 Lofts, in fall 2023.
The developer tapped TS3 Architects, Details Ltd., Siska Aurand Landscape Architects and Townes Site Engineering to work on the project. Morgan Keller Construction will be the project’s general contractor. S.L Nusbaum secured financing from VHDA and TowneBank for the project, which has an estimated total construction cost of approximately $28 million.
The apartment community will offer one-, two- and three-bed units that will be built with energy-efficient appliances and a private patio or balcony. The community’s amenities will include a pool, laundry facility, and clubhouse with a business and fitness center. Located at 400 Katrina Court, 288 Lofts will be close to the area’s employers and retail and entertainment options. The property allows for an approximately 30-minute commute to Richmond, Va.
S.L. Nusbaum’s 288 Lofts project adds to the record amount of units under construction that the overall Richmond market has been seeing. According to Colliers’ third quarter report for Richmond’s multifamily market in 2022, the metro saw six projects delivered in the third quarter totaling 829 units, but had 6,893 units under construction.
Watkins Centre, the largest project under construction at the time, is expected to add 450 units to the Midlothian submarket. Richmond’s overall vacancy rate has increased to 6.5 percent, up from 5.8 percent from last quarter and 4.4 percent from last year, due to the recent deliveries in submarkets like Midlothian, as well as downtown and south Richmond.
Building out the Mid-Atlantic region
Beyond 288 Lofts, S.L. Nusbaum’s portfolio includes multifamily acquisitions and developments across the Mid-Atlantic. So far, the firm has developed 60 multifamily properties, totaling more than 10,000 units, with projects in Virginia, North Carolina and Maryland.
Along with developing market-rate and affordable communities, S.L. Nusbaum acquires and rehabilitates older properties and manages communities. The firm’s management portfolio is wider, adding Florida, Georgia and South Carolina to its footprint, along with the three previously-mentioned states. Recently, the Alexandria Housing Develop Corp. tapped S.L. Nusbaum to manage a 196-unit community in Alexandria, Va., that received acquisition financing from Amazon’s housing fund.