Argosy Real Estate JV acquires OZ site for multifamily development in Richmond

Argosy Real Estate Partners, with its partner Capital City Real Estate, a Washington, D.C.-based, vertically integrated, real estate-development company, has closed on the acquisition of a fully entitled site of about one acre in the historic Manchester neighborhood of downtown Richmond, Va., for the development of The Commodore, a 173-unit, class-A multifamily community with 3,500 square feet of ground-floor retail.

The project, which offers convenient access to downtown Richmond, will consist of a five-story, wood-frame building over two levels of below-grade parking (229 parking spaces), with one-bedroom (55 percent), two-bedroom (37 percent), and three-bedroom (8 percent) units. The project provides the opportunity to develop a class-A multifamily property on one of the most prominent sites in the Manchester neighborhood, with the benefit of investing within a Qualified Opportunity Zone.