Middleburg and Harbor Group Secure $1B+ in Development Investments with Richmond Multifamily Project
Event summary
- Middleburg and Harbor Group International closed construction financing for Scottwood, a 299-unit Class A multifamily development in Richmond, Virginia.
- Construction begins in April 2026, with initial deliveries expected in late 2027.
- The project is part of a joint venture between Middleburg and affiliates of Harbor Group International.
- Financing was provided by Truist Bank.
- Harbor Group International has surpassed $1 billion in total development investments since 2023.
The big picture
Middleburg and Harbor Group International's Scottwood project highlights the growing trend of mixed-use redevelopment in secondary markets, driven by strong rental housing demand. The $1 billion-plus in development investments by Harbor Group International since 2023 underscores the strategic focus on high-quality housing in markets with robust fundamentals. The project's success hinges on Middleburg's ability to deliver near top-of-market quality at more attainable rent levels, a balance that has proven successful across Virginia.
What we're watching
- Urban Revitalization
- How Scottwood will catalyze further investment along the West Broad Street corridor in Richmond.
- Regulatory Coordination
- Whether Middleburg can sustain its ability to navigate complex jurisdictional challenges in future projects.
- Market Demand
- The pace at which rental housing demand in Richmond will be met by new supply, given the project's focus on attainable rent levels.
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