Middleburg Communities, a Vienna, VA-based investment firm, has purchased a 13.48-acre land parcel in Glen Allen, VA, with plans to build “The Brook,” a 310-unit class-A apartment and rental townhome community. The loan was provided by Truist Bank. The Brook will be developed as a joint venture between Middleburg and The Resmark Companies, with The Resmark Companies serving as an investment partner.
Northern Richmond has been underserved for over two decades, and development has lagged behind the area’s growth during that time, said Selim Tay-Agbozo, president of Middleburg Development. As a result, there is a huge demand for the type of product we intend to build.
The Brook, located at 9002 Brook Road, is set to begin construction in April.It is the second multifamily community Middleburg development in the Richmond MSA, following Hamlet Watkins Centre, a 283-home build-to-rent community in Midlothian.