Impact investing firm Steinbridge Group will invest approximately $40 million to enable Virginia Union University to unlock the value of its 100-acre real estate holdings in Richmond’s North Side.
The investment will empower the university to develop underutilized parcels of land for commercial and residential uses.
The Virginia Union investment is the first iteration of Steinbridge Group’s $100 million commitment to historically black colleges and universities (HBCUs) and other minority-serving institutions (MSIs). In November 2023, the firm announced its first commitment of private capital to help transform underutilized assets owned by the nation’s HBCUs and MSIs. Steinbridge, in conjunction with the Student Freedom Initiative, has plans to continue expanding investments to develop impact-focused real estate around HBCUs and other MSIs. These investments will serve to address the funding gap between HBCUs, MSIs and other community-impacting organizations.