Dakota Expands Presence in Virginia, Closes Brady Square in Richmond
RICHMOND, VA – Dakota Partners has completed the purchase of 2200 Brady Street in Richmond, VA. The 14.4-acre parcel will be the site of the future affordable housing community, Brady Square. The multi-phase project will ultimately deliver 264 units with two community buildings and other site amenities.
Richmond’s population has been on a steady incline for the last decade and is projected to continue growing in years to come. With more people, the demand for safe, affordable housing is high and waitlists for subsidized housing can stretch years. Brady Square, which will target households earning up to 30%, 50%, and 60% of Area Median Household Income, will help to alleviate that burden.
“Brady Square will bring incredible value to the community, offering residents an affordable, safe, and inviting place to call home,” said Dakota EVP of Acquisitions and Development, Cheryl Stulpin. “We’re excited to continue serving the Commonwealth of Virginia and providing much-needed, quality housing for families that might otherwise be priced out of these neighborhoods.”
Phases 1 and 2, scheduled to break ground in January, will include the construction of 132 units and a community building. Two subsequent phases will each deliver an additional 66 units, for a total of 264. All four phases will be comprised of one, two, and three-bedroom garden and townhome-style apartment units within two-story residential buildings.
As a real estate developer and builder, Dakota Partners develops affordable, workforce and market-rate housing communities across New England, New York and the mid-Atlantic states. According to Affordable Housing Finance, Dakota is a the 40th largest affordable housing developer in the United States. At the core of every project is Dakota’s mission to create housing that matters – to residents, the community, and the environment.