Industries Commercial Real Estate

S.L. Nusbaum Realty Co. announces an affordable apartment project for Fredericksburg

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S. L. Nusbaum Realty Co. announced a $25 million, 128-unit affordable housing apartment project Wednesday that will be located in Fredericksburg.

Hamptons at Noble LP, affiliates of Norfolk-based S.L. Nusbaum Realty Co., bought an 11-acre parcel on Noble Way from Noble Auto Park LLC for the project, which will be known as the Valor Apartment Homes.
According to S. L. Nusbaum, there will be one-, two- and three-bedroom floor plans. The site is located within walking distance to the Central Park shopping corridor and is directly across from a Wegmans grocery store on Fall Hill Avenue.

The community will be outfitted in high-end finishes, such as granite countertops in the kitchens and baths, and will have a clubhouse, fitness center, and pool.  The community also has been designed with energy efficient features, to help lower utility expenses for residents. 

The clubhouse is expected to open in the fourth quarter of 2016, and units will be available in the first quarter of 2017.
The community was designed by TS3 Architects and Bowman Consulting.  Hoy Construction Inc. of Norfolk is the general contractor.

S.L. Nusbaum Realty Co. said it worked with the Virginia Housing Development Authority (VHDA), Wells Fargo, and TowneBank to secure financing on the project.
Bill Overman and John Wessling of S. L. Nusbaum represented the buyer in the transaction. 

S.L. Nusbaum currently manages about 20,000 apartment units and has developed close to 50 communities throughout the Mid-Atlantic.

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