RICHMOND, Va. — People Restoring Communities (PRC), an affordable housing development firm, has acquired a residential building in downtown Richmond, with plans to redevelop the property as affordable seniors housing.
PRC is executing the project in a joint venture with The Delaine Cos. and in partnership with the Richmond Redevelopment & Housing Authority (RRHA). In 2022, RRHA acquired the property, Grace Street Apartments, later selecting PRC and The Delaine Cos. to lead the building’s rehabilitation.
PRC has now acquired the property through a ground lease with an upfront payment of roughly $4.9 million. The transaction was financed with a $3.3 million bridge loan from Low Income Investment Fund and $1.6 million in equity.
The redevelopment will convert the 58-unit, 11-story apartment building into a 68-unit seniors housing community. The building also features and will retain a 2,400-square-foot commercial space on the ground floor.
Originally built in 1922, the property will be eligible for federal and state historic tax credits. Construction on the redevelopment is scheduled to begin in spring 2027.