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Sep 21, 2022

Northland Acquires 22-Acre Mixed-Use Development Site in Richmond, Virginia

Prominent national owner, operator, and developer acquires mixed-use development site in Innsbrook, its first investment in Virginia


RICHMOND, VA (September 21, 2022) – Northland, a national real estate private equity firm with $8 billion of assets under management, today announced the acquisition of North End, a +22-acre mixed-use development site, ideally located within Innsbrook in Glen Allen, VA, a rapidly growing submarket of Richmond. The site is currently zoned for up to 700 multifamily units, 55,000 square feet of retail, and a 150-key hotel, with plans for an adjacent 315,000 square-foot, Class-A office building to be developed by Highwoods Properties. Northland’s vision is to create a dynamic, 24/7 live-work-play community at North End, including luxury apartments and curated main-street style retail, complementing the future office component and enhancing the tenant experience throughout Innsbrook.


“We’re thrilled to establish Northland’s entrance into the Richmond market with such a transformative, landmark project. Richmond, and especially the area’s numerous active suburbs, has long been a compelling target market for Northland given its consistently fervent population growth, institutional higher education ecosystem, and flourishing Fortune 500 job prospects,” said Santo Dettore, Associate Vice President of Development at Northland. “This site represents the next step of the Northland development platform, enabling us to leverage our extensive experience in mixed-use design and large-scale master planning to create a vibrant neighborhood for residents, employees, and visitors to the area.”


Early-stage design and master planning efforts will begin this year, drawing on Northland’s 25 years of experience in its home market of New England as well as key markets across the U.S. The firm plans to introduce a diverse mix of retail options, including chef-curated restaurant concepts and amenity boutiques centered around activated open space, for both future multifamily residents and office tenants. The site is ideally situated in a commuter friendly area, within close proximity to I-295, U.S. 250, and I-64, providing optimal connectivity to Richmond and surrounding cities including Washington, D.C., Norfolk, VA, and Chesapeake, VA.


Innsbrook’s submarket is a rapidly growing pocket of northwest Richmond, featuring low-density suburban living balanced by convenient access to mixed-use lifestyle centers. With five miles of paved trails surrounding the community, Innsbrook is highly pedestrian friendly. Glen Allen’s desirability is underpinned by some of the region’s highest 1-mile median income and home values at $161,000 and $400,000, respectively. Continually drawing major employers, Richmond is home to several Fortune 500 companies, with Lego recently announcing plans to build a 1.7 million-square-foot factory, the company’s first manufacturing in the U.S. Educational anchors include Virginia Commonwealth University and the University of Richmond.