Richmond, the capital of Virginia, is a sizable city seated next to the James River. Downtown Richmond boasts an eclectic art scene as well as museums and restaurants that celebrate the history and culture of the city. Since its founding in 1607, Richmond has been the center of commerce and innovation in the Commonwealth of Virginia. Being a large city, Richmond offers a diverse and wellestablished school system, an abundance of recreational activities, and transportation serving the downtown and surrounding areas. Richmond has a population of more than 230,000 and a poverty rate of 25%, meaning nearly 58,000 individuals may need assistance when it comes to housing.
New Construction: 82 Units
Private Equity Investment: $9,792,613
Local Jobs Supported: 74
Local Government Revenue: $1,393,670
Glenwood Ridge Apartments is a new construction development in Richmond made up of 82 units of affordable housing for families earning an average of 60% of the Area Median Income. There will be one, two, and three bedroom options available to accommodate families of different sizes. All units will feature ceiling fans, kitchen appliances, ample storage, and luxury vinyl flooring. The Humanities Foundation Inc. (HFI). and Ozy Cruise, LLC, are acting as codevelopers for Glenwood Ridge Apartments. Ozy Cruise is an affiliated entity with HFI and JDC Management, the property manager for all of HFI’s affordable rental properties. HFI is based in South Carolina and is a nonprofit regional developer of affordable housing.
Since its inception in 1992, HFI has developed more than 22 properties of affordable housing, including four developments that were joint efforts with CAHEC. Glenwood Ridge Apartments features various amenities for residents such as a community room, fitness center, laundry facilities, picnic area, and a business center. The property is located near downtown Richmond, which offers convenient access to shopping, dining, medical centers, and banks. As an updated option of affordable housing for families, Glenwood Ridge will be beneficial to the community in and around Richmond for years to come.