Developers to build 255-unit apartment complex in Chesterfield County
- September 5, 2013
Norfolk-based Robinson Development Group Inc. plans to break ground on an upscale apartment community in Chesterfield County later this year.
The 255-unit complex, a joint venture with Newport News-based real estate and investment firm Drucker & Falk, will be on Charter Colony Parkway in the 725-acre, mixed-use CenterPointe development near the Bon Secours St. Francis Medical Center.
Groundbreaking will take place during fourth quarter of this year. Construction is scheduled to take about 18 months. The first apartments are expected to be available for occupancy in the fall 2014.
BB&T is providing construction financing.
Drucker & Falk will provide leasing and management of the apartments. The Chesterfield project is the second multifamily collaboration involving it and Robinson Development .
The first joint venture was the acquisition and renovation of The Apartments of Stonehenge, a 452-unit apartment community in Raleigh, N.C., in 2010. An affiliate of RAM Development Co. bought the property for $40.2 million in November 2012.
Robinson Development Group, founded in 1983, has acquired and developed more than 6 million square feet of space in office, research, industrial, medical and multifamily properties.
Drucker & Falk, begun 75 years ago, manages more 30,000 multifamily apartments and more than 3 million square feet of commercial space.