SAN FRANCISCO, CA - Colliers, a leading diversified professional services and investment management company, recently closed a $41,900,000 debt and equity raise for a multifamily project called Commodore in Richmond’s Manchester neighborhood. Colliers’ Structured Finance Advisory Group of Executive Vice President Jeremy Thornton, Senior Vice Presidents Andrew Gibson and Nicole Sayers and Vice President Evan Mannis sourced a loan valued at $27,500,000 with a regional bank on behalf of the developer, Capital City Real Estate, and helped raise $14,400,000 in equity with an institutional partner.
“The Manchester neighborhood is experiencing a major renaissance, with multiple new developments in the immediate area,” said Mannis. “Commodore is a crucial piece of continuing this momentum by genuinely expanding the Richmond core to the west of the James River.”
Commodore is a seven-floor, 173,000-square-foot multifamily project, set to begin construction in the fourth quarter of 2021 and deliver in the second quarter of 2023. The building will include 173 residential units and 3,500 square-feet of prime ground floor retail space. The apartments will offer a diverse mix of one-, two- and three-bedroom options in a variety of layouts.
Commodore features a modern design with a plethora of amenities including two-stories of below-grade parking and bike storage, a pool surrounded by pergolas and grilling stations, a rooftop lounge, a fitness center, two landscaped courtyards, a dog wash and run, and cold storage for grocery delivery. Large windows and nine-foot ceilings maximize natural light and views in each unit. Eighty percent of the units will come with balconies or terraces. Located only a mile from Richmond’s downtown core, future residents of Commodore will also have access to independent art studios and various dining locales including cafes, brewpubs and restaurants.
Known for being one of America’s oldest major cities, Richmond is home to the James River Park System, several major colleges and universities, a Federal Reserve Bank, the Virginia Biotech Park and numerous Fortune 500 companies such as Altria, CarMax and Performance Food Group. Richmond’s multifamily market has experienced tremendous growth over the past four quarters, despite COVID-induced economic uncertainty. According to CoStar, Richmond is the fourth ranked state out of 50 in high demand for multifamily. In the last 12 months, 3,520 units have been delivered and 3,860 have been absorbed. Above-average demand levels and vacancy compression drove asking rents up six percent year-over-year due, in part, to the region’s well-educated workforce and low cost of living.
About Capital City Real Estate: At Capital City Real Estate (CCRE), our passion is to develop high quality, distinctly designed properties in dynamic neighborhoods. Since 2006, we have successfully developed over 40 residential and mixed-use projects and have become a leading developer of urban infill properties throughout the Mid-Atlantic and Southeast. CCRE has offices in both Atlanta and Washington DC. For more information about Capital City Real Estate, please visit www.capcityre.com.
About Colliers: Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.3 billion ($3.6 billion including affiliates) and $45 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.