M id A tlantic Real Estate Journal — Owners, Developers & Managers — September 23 - October, 20, 2022 — 11C
www.marej.com
O wners , D evelopers & M anagers New affordable housing community is situated on a 14.4-acre parcel Dakota closes on final two phases of Brady Square in Richmond, VA
R ICHMOND, VA — Dakota Partners has completed another critical milestone in the Brady Square project by completing the financing and approvals for the final two phases of the project. The new affordable housing community is situated on a 14.4-acre parcel at 2200 Brady St. in Richmond and will ultimately deliver 264 units with two community buildings and other site amenities. Art Bowen , managing di- rector of Rental Housing at Virginia Housing said, “Vir- ginia Housing is proud to have partnered with Dakota Partners on all four phases of Brady Square by providing mortgage loan financing, and federal Housing Tax Credits. Brady Square will bring much- needed affordable rental hous- ing to Richmond, and we look forward the completion of the final two phases.” Richmond’s population has been on a steady incline for the last decade and is pro- jected to continue growing in years to come. With more people, the demand for safe, affordable housing is high and waitlists for subsidized hous- ing can stretch years. Brady Square, which will target households earning up to 30%, 50%, and 60% of Area Median Household Income (AMI), will help to alleviate that burden. According to the US Census Bureau, the AMI in Richmond for 2020 was $51,421. “Brady Square will bring incredible value to the com- munity, offering residents an affordable, safe, and invit- ing place to call home,” said Dakota EVP of Acquisitions and Development, Cheryl Stulpin . “We’re excited to continue serving the Com- monwealth of Virginia and providing much-needed, qual- ity housing for families that might otherwise be priced out of these neighborhoods.” Phases 1 and 2, currently un- der construction, will include the construction of 132 units and a community building. Phases 3 and 4 will each de- liver 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 residen- tial buildings. As a real estate developer and builder, Dakota Partners develops affordable, workforce
2200 Brady St
Brady St. Community Building
New York, and the mid-Atlan - tic states. At the core of every
project is Dakota’s mission to create housing that matters –
to residents, the community, and the environment. MAREJ
and market-rate housing com - munities across New England,
QUALITY COMMITMENT PERFORMANCE
Geotechnical Design & Analy
nvironmental Site Assessments and
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