Richmond, VA – Commonwealth Commercial Partners, LLC is pleased to have facilitated the 13± acre sale at 6767 Iron Bridge Road located in Chesterfield County, VA. Sam Worley, Ryan Fanelli & Craige Pelouze of Commonwealth Commercial represented the Seller, Austin Woods Development Co. The purchaser was Waverton Development Inc. This transaction closed on August 20, 2020 for $4,025,000.
Commonwealth Commercial placed the property under contract in March 2019, and the seller obtained zoning so the buyer could construct 230 apartment units, a clubhouse with pool and related accessory uses. Financing for the development was obtained through VHDA with Keith Wells at Northmarq Capital acting as the mortgage broker. Construction has begun and preleasing will begin early 2021, with first move-ins in the second quarter of 2021.
This same buyer purchased land in Watermark, across the street from this site in 2010. They developed the Meridian at Watermark, a 300-unit Class A investment community. The Austin Woods site will be a continuation of their success at Watermark.
This apartment complex at 6767 Iron Bridge Rd will be complemented by the 207-unit townhome community that will be built by Ryan Homes on the 58± acres surrounding the property. Additionally, there is a 4.5± acre commercial out parcel available that fronts Iron Bridge Road.
About Commonwealth Commercial Partners, LLC
Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Kansas City MO, St. Louis MO, Minneapolis MN, Columbus OH, and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.