VIENNA, VA – Middleburg Communities announced it has closed on a 13.48-acre land parcel at 9002 Brook Road in Glen Allen, Virginia. Middleburg plans to develop a 310-unit, class-A apartment and rental townhome community on the site ( The Brook ), marking one of only a select few market-rate developments to be built in the area in the last 20 years. Construction of The Brook is slated to start this month, with the community scheduled to open in late-2024.
We are pleased to have bought this strategic land parcel just 15 minutes from downtown Richmond, stated Selim Tay-Agbozo, President of Middleburg Development. Northern Richmond has been underserved for two decades now, and the pace of development has lagged the growth the area has experienced during this time. As such, there is a tremendous need for the type of product we plot to build. We look forward to leveraging our institutional-quality development platform to develop this project on time and to providing the residents in the area with a high quality, vibrant community to call home.
The Brook will be developed as a joint venture between Middleburg as development manager and The Resmark Companies ( Resmark ) as investment partner. The apartment part of The Brook will consist of five, 4-tale apartment buildings with elevator service totaling 274 units, and will offer a mix of one-, two-, and three-bedroom floorplans. The townhome part of the community will be made up of six, 6-unit buildings with two- and three-bedroom floorplans complete with private garages. What s more, one of the apartment buildings will have an integrated clubhouse that is open to all residents and a leasing center, while the property will be equipped with a number of premium amenities, such as high-end interiors with upscale finishes, an outdoor swimming pool, a fitness center and yoga studio, grilling stations, a dog park, a pet spa, electric vehicle charging stations and more.
Middleburg is our ideal partner for The Brook development given its extensive track record of generating value for its investment partners, commented Stephen O Neil, Senior Vice President of Investments at Resmark. The opportunity to be part of The Brook was very attractive for us because of the lack of inventory that currently exists in the coveted northern section of Richmond, which possesses many of the qualities that make it an ideal destination to raise a family – strong employment, educational and cultural opportunities. We look forward to delivering a community that matches the character of the area.
Situated along US Route 1 in Henrico County, the location of The Brook is a 20-minute rush hour drive from 60 percent of all jobs in the MSA. What s more, the site is proximate to several other major developments, including GreenCity, a proposed 204-acre, $2.3 billion mixed-use ecodistrict which is slated to break ground this year, and Virginia Center Commons, a 775,000 square foot mall that is currently being redeveloped to add a mix of residential and retail uses alongside an indoor sports and 4,500-seat convocation center. The Brook is the second multifamily community Middleburg plans to develop in the Richmond MSA. Earlier this year, the company announced it will break ground on Hamlet Watkins Centre, a 283-home build-to-rent community in Midlothian later this year.
I am very excited that one of the first development projects I will be overseeing since joining Middleburg is The Brook, said Robin Bettarel, Managing Director of Development for Middleburg s Mid-Atlantic Region. The type of residential community we are building is pretty much non-existent in the submarket, so we expect to see significant demand for The Brook given all that the property will have to offer.

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DENVER, CO – Mortenson, a top-20 U.S. builder, developer, and engineering services provider with four decades of experience in Colorado, alongside joint venture partner Pinnacle Partners, celebrated the groundbreaking of Revival on Platte in Denver’s Sun Valley neighborhood, a first-of-its-kind multifamily project that will showcase the full breadth of Mortenson’s develop, design, fabricate and build capabilities.
“We’re thrilled to partner with the Pinnacle team on this incredible opportunity, as both organizations share a commitment to development that addresses core community needs,” said Brian Fitzpatrick, Vice President and General Manager of Mortenson Denver. “We have a long history in Denver of bringing together our develop, design and build capabilities for our project partners. Fabrication is the final piece in this puzzle, and we can’t wait to show the market what our BLUVera team is capable of on this project.”
The project, Revival on Platte, is situated on a .9-acre building site in a designated Opportunity Zone adjacent to the South Platte River. The new 234,156 SF development will feature 200 studio, one- and two-bedroom apartment options across eight tales with two levels of parking. Residents will also have access to an on-site gym, business center and a rooftop amenity deck offering city and mountain views. The entire structure will be built with Mortenson’s cold-formed metal stud, steel-framed structural system with prefabricated interior and exterior walls.
“In these current challenging economic times, we are particularly excited to close on our construction financing and break ground on Revival on Platte with our development partner. This transformative development will bring much-needed housing to Denver’s rapidly growing Sun Valley neighborhood,” said Leo Backer, Managing Partner from Pinnacle Partners. “Revival on Platte serves as a bright example of the potential impact of Opportunity Zones on communities across the country.”
Close to downtown attractions – including universities at the Auraria campus, Meow Wolf and Empower Field – the new multifamily development is additionally near public transit systems and offers direct access to roughly 90 miles of bike trails. Residents will also have access to eight electric cars via a third-party app, further expanding transit options.
“We’re always looking for ways to optimize processes for our clients and for our own development team,” said Taber Sweet, Vice president of Real Estate Development at Mortenson Denver. “This level of vertical integration represents the full manifestation of that goal. The location of this project is also incredible, as it’s adjacent to Denver’s Stadium District Master Plot, and aligns well with the comprehensive development strategy for the Sun Valley community.”

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IRVINE, CA – WNC, a leading provider of investment, asset management and development services in the affordable housing industry, announced it has closed WNC Institutional Tax Credit Fund 54, L.P. (Corp 54), a low-income housing tax credit (LIHTC) fund totaling $172.8 million in equity from a total of eight institutional investors. WNC Fund 54 welcomed one new investor and six new development partners.
“WNC has worked tirelessly for the past five decades to provide residents in need with safe, high quality and affordable housing,” said WNC Executive Vice President of Investor Relations Christine Cormier. “We’re pleased to announce the closing of this fund despite current unrest in the banking industry, raising significant equity that we can use to help address the growing affordable housing crisis throughout the country.”
Equity raised by the fund will be used to construct and renovate 1,331 affordable housing units across 14 properties in Arkansas, Georgia, Idaho, Indiana, Massachusetts Michigan, Minnesota, Nebraska, New York, Ohio, South Dakota, Tennessee and Texas. Some of the funds’ units are set aside for special populations, including veterans, homeless or at risk of homelessness, Native Americans/tribal projects and extremely low-income households.
Among the projects within the fund is Patriot Park, a 60-unit affordable housing development in Fayetteville, Arkansas that is exclusively for veterans experiencing homelessness, low-income veterans and veterans with disabilities, as well as their families. Thirteen of the 60 units are set aside for veterans with incomes of up to 30% of the region’s annual median income. The University of Arkansas for Medical Sciences (UAMS) Northwest hospital campus and a U.S. Department of Veteran Affairs office are located within one-half mile of Patriot Park. The Veterans Health Care System of the Ozarks is easily accessible via Interstate 49. Service providers will provide direct aid and care for Patriot Park residents via visits to the community.
Other notable projects within the fund are Canvas Apartments and New Point Family Apartments. Canvas Apartments is located within the Minneapolis Arts District and will include 23,184 square feet of production and commercial space on the ground floor. The community is located within Minneapolis’ Industrial Living Overlay District, which was established to encourage the rehabilitation and reuse of existing industrial structures and to provide for limited residential and retail uses where such uses are compatible with other uses in the area.
New Point Family Apartments is a historic rehabilitation project for 18 family units in Salem, Massachusetts, for households experiencing or at risk of experiencing long-term homelessness. All units will be reserved for households with incomes at or below 30%, 50% and 60% of the area median income. The project will provide for the renovation of three buildings built in 1915 and 1920 within Salem’s historic The Point neighborhood. Historical elements of the buildings that will be preserved during the plotted renovations include interior trim woodwork, replacement of windows and deck railings with aesthetically comparable products and recessing the brick infill that will replace the basement windows.
The properties in WNC Fund 54 will make approximately 1,700 jobs and the aggregate economic impact is expected to generate more than $190 million in local income tax and other government revenue.

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