Apartments developer buys 13 acres in Chesterfield for $4M+

Waverton Development Inc. to construct 230-unit complex

Published August 24, 2020 by Sydney Lake

Photo courtesy Commonwealth Commercial Partners

An apartment complex developer has purchased a 13-acre site in Chesterfield County for $4.025 million, Commonwealth Commercial Partners LLC announced Friday.

Located at 6767 Iron Bridge Road, the complex will include 230 apartment units, a clubhouse and a pool. Austin Woods Development Co. sold the property to Waverton Development Inc. in a transaction that closed on Aug. 20.

Construction has begun and pre-leasing for the apartment units will begin early next year, with first move-ins scheduled for the second quarter of 2021. Waverton Development Inc. in 2010 also purchased land in Watermark, which is located across the street from the new development, where the company developed the Meridian at Watermark, a 300-unit community.

Following the development at 6767 Iron Bridge Road, Ryan Homes will build a 207-unit town home community on the 58 acres surrounding the property. A 4.5-acre site is also being reserved for commercial space.

The Virginia Housing Development Authority provided financing for the development and Keith Wells with Northmarq Capital was the mortgage broker. Sam Worley, Ryan Fanelli and Craige Pelouze of Commonwealth Commercial Partners represented the seller.