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// February 28, 2019//
An Alabama-based firm is set to bring hundreds of new apartments to the Richmond area.
An affiliate of Liv Development bought last week the 9.34-acre parcel at Otterdale Road and Village Square Parkway in Chesterfield County from Cosby Village LLC for $6 million, according to an announcement from Harrison & Bates.
Liv Development has site plans approved to develop a 305-unit, market-rate apartment project on the property, Bruce Milam, a Harrison & Bates senior vice president, says. Milam represented Liv Development in the acquisition of the Chesterfield property.
“The apartment market down there is very competitive,” Milam says.
The Chesterfield multifamily market has a 6 percent vacancy rate, according to a CoStar report. The average rent per unit is $1,110, the report said.
Liv Development did not immediately respond to a request for comment Thursday. The company also plans to bring apartments to Richmond.
Liv Development has land in Richmond at 1400 Semmes Ave. under contract, Milam says. He says Liv Development plans to do a 289-unit apartment project there.
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