Van de Vyver Apartment Homes
Van de Vyver Apartment Homes entry
Van de Vyver Apartment Homes kitchen

701 North 1st Street
Richmond, VA 23219
United States

Leasing
Developer

Enterprise Community Development

Richmond Redevelopment & Housing Authority

Management Company
Phone
Total Homes
82
Property Type
Mixed-Income
Affordable
Investment Type
LIHTC

Van de Vyver Apartment Homes

Van de Vyver Apartment Homes – named after the vocational school previously on the same site – is a mixed-income, mixed-use development comprising 82 units and 6,000 square feet of commercial space across two new and one historic building in the Jackson Ward neighborhood of Richmond, VA.

The Van de Vyver Apartment Homes are located on the same site as ECD’s senior property, The Rosa. Together, they create an intergenerational and deeply mixed-income community with excellent transit, bicycle, and pedestrian access to vibrant downtown Richmond. Located in the very historic Jackson Ward neighborhood, the development includes a restored convent converted into an 8-unit apartment building as well as a memorial garden for St Joseph’s Catholic Church, which was historically located on the site and ran the Van de Vyver Institute.

The Van de Vyver includes a mix of studio, one-, and two-bedroom units across three buildings, two of which are served by elevators. Residents have access to a wide range of amenities, including in-unit washer/dryers, a bike room, a dog wash station, a large outdoor patio, an Amazon Hub, a business center, a fitness room, and a large multi-purpose room. Residents also benefit from on-site management and maintenance staff.

This project was developed in partnership with Richmond Redevelopment & Housing Authority (RRHA). Approximately 40% of the units are affordable (at a range of income levels) and 60% are market rate; a working partnership with the HUD-VASH (Veterans Affairs’ Supportive Housing) program has resulted in leasing several market rate units to formerly homeless veterans.

Financing

The development team assembled the following sources to fund the Van de Vyver’s construction ($20.5M total):

  • $12.1M in tax-exempt debt from Virginia Housing (previously Virginia Housing & Development Authority)
  • $3M 4% LIHTC equity from SunTrust Community Capital (now Trust)
  • $2.6M in private equity
  • $1.3M seller note from RRHA
  • $700K in State Housing Trust Funds
  • $800K Deferred Developer Fee
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