Walker & Dunlop announced that it has arranged a joint venture equity partnership and construction financing for a $132 million multifamily redevelopment project in Richmond, Virginia’s Scott’s Addition District. The project will transform the former Greyhound bus terminal site into a large-scale residential and retail community.
The development is a partnership between AIP, Pointsfive, and Bridge Investment Group. Walker & Dunlop secured both the equity investment and an $85.6 million construction loan provided by Madison Realty Capital.
The project will span approximately 550,000 square feet and is expected to deliver 386 Class A residential units along with more than 14,000 square feet of retail space. Located in one of Richmond’s fastest-growing neighborhoods, the development is designed to emphasize walkability, urban connectivity, and a mix of residential and street-level retail activity.
The site, located at 2910 North Arthur Ashe Boulevard, sits within a federally designated Qualified Opportunity Zone, offering long-term investment advantages. The redevelopment will include more than 55,000 square feet of indoor and outdoor amenities, three outdoor courtyards, and a design focused on enhancing pedestrian engagement and accessibility.
Scott’s Addition has rapidly evolved from an industrial warehouse district into a vibrant mixed-use neighborhood featuring breweries, restaurants, fitness studios, retail, and residential properties. Its continued growth is supported by strong housing demand, population expansion, and proximity to major transportation routes including I-64, I-95, and Highway 250.
The development also benefits from nearby large-scale projects, including the $2.4 billion Diamond District redevelopment and a new minor league baseball stadium, further boosting the area’s appeal as a residential and commercial hub.
Construction is expected to begin in the second quarter of 2026.
The firm continues to be a major player in commercial real estate financing, having sourced more than $22 billion from non-agency capital providers in 2025, including nearly $16 billion for multifamily properties.
Support: Walker & Dunlop’s Capital Markets team acted as exclusive advisor to AIP and Pointsfive, arranging both the equity investment from Bridge Investment Group and the construction financing from Madison Realty Capital.
KEY QUOTES:
“We are honored to collaborate with this exceptional best-in-class partnership. Together, we will bring a world-class residential experience, with curated urban retail spaces that emphasize street-level activation and urban connectivity, unrivaled amenities, and sustainably focused design to life in this historic location.”
Scott Allen, Founder And CEO, AIP
“This submarket has all the qualities we look for in a multifamily development location: walkability, unique mixed-use urban character, day and night entertainment drivers, and consistently strong renter growth relative to supply.”
Tristan Nadal, Founder And CEO, Pointsfive
“This transaction and development reflect the strength of one of the Mid-Atlantic’s fastest-growing urban submarkets of Richmond, Virginia and the exceptional quality of this multifamily development and sponsorship. Scott’s Addition continues to benefit from strong fundamentals, including steady rent growth, projected household expansion, and a well-documented shortage of quality housing driven by population and employment growth. We’re proud to have partnered with AIP, Pointsfive, Bridge Investment Group, and Madison Realty Capital to capitalize this iconic project and bring it to fruition.”
Mo Beler, Senior Managing Director Of Capital Markets And Co-Head Of Equity & Structured Finance, Walker & Dunlop
