Walker & Dunlop Secures JV Equity & Financing for $132M Richmond Multifamily Project
Walker & Dunlop has announced a major step forward in the transformation of one of Richmond’s most dynamic neighborhoods, successfully arranging a joint venture equity partnership and construction financing for a $132 million multifamily redevelopment project. The development will repurpose the former Greyhound Bus Station site into a modern residential and retail community, further accelerating growth in the rapidly evolving Scott’s Addition District.
The project brings together a strong partnership between AIP, PointsFive, and Bridge Investment Group. In addition to securing the joint venture equity, Walker & Dunlop also arranged $85.6 million in construction financing through Madison Realty Capital. This comprehensive financial structure ensures the successful execution of a project that is expected to redefine urban living in the area.
Once completed, the development will span approximately 550,000 square feet and deliver 386 Class A residential units, alongside more than 14,000 square feet of retail space. Located in Scott’s Addition—widely regarded as one of Richmond’s fastest-growing and most desirable neighborhoods—the project aims to blend high-quality residential offerings with vibrant, street-level retail that enhances the urban experience.
Scott Allen, founder and CEO of AIP, highlighted the significance of the collaboration, emphasizing the shared vision among the development partners. He noted that the project is designed to deliver a world-class residential experience complemented by thoughtfully curated retail spaces. These elements will promote pedestrian activity, strengthen community engagement, and integrate seamlessly with the surrounding urban fabric. Sustainability and modern design principles are also central to the project, ensuring it meets the expectations of today’s environmentally conscious residents.
Tristan Nadal, founder and CEO of Pointsfive, pointed to Scott’s Addition’s strong fundamentals as a key driver behind the investment. According to Nadal, the neighborhood offers a compelling mix of walkability, mixed-use urban character, and a vibrant entertainment scene that operates both day and night. These attributes, combined with consistent renter demand and limited housing supply, make it an ideal location for multifamily development.
Walker & Dunlop’s Capital Markets Institutional Advisory and Equity & Structured Finance teams played a pivotal role in bringing the deal together. Acting as exclusive advisor to AIP and Pointsfive, the firm coordinated both the equity partnership and the construction loan. A team of experienced professionals facilitated the investment from Bridge Investment Group, while another group secured financing through Madison Realty Capital. This coordinated effort underscores Walker & Dunlop’s expertise in structuring complex real estate transactions.
Mo Beler, senior managing director at Walker & Dunlop, emphasized the broader significance of the project within the Mid-Atlantic region. He described Scott’s Addition as one of the fastest-growing urban submarkets, supported by strong rent growth, increasing household formation, and a well-documented shortage of high-quality housing. These factors, combined with ongoing population and employment growth, have created a favorable environment for new residential development. Beler also noted that the project’s scale and quality position it as a landmark addition to the neighborhood.
The transformation of Scott’s Addition over the past decade has been remarkable. Once a quiet industrial warehouse district, it has rapidly evolved into a vibrant, walkable community filled with amenities and attractions. Today, the neighborhood is home to numerous craft breweries, acclaimed restaurants, boutique fitness studios, coffee shops, and creative office spaces. Its unique blend of historic industrial architecture and modern development has attracted a young, urban demographic seeking an active and connected lifestyle.
This evolution is further supported by major infrastructure and redevelopment initiatives in the surrounding area. Among them is the $2.4 billion Diamond District redevelopment, the largest project in Richmond’s history, along with a new minor league baseball stadium nearby. These developments are expected to enhance the area’s appeal even further, solidifying Scott’s Addition as a key destination for residents, businesses, and investors alike.
The site for the new development, located at 2910 North Arthur Ashe Boulevard, sits within a federally designated Qualified Opportunity Zone. This designation provides long-term tax advantages for investors while encouraging economic development in the area. The property, previously used as a Greyhound bus terminal and service depot, will be cleared to make way for the new construction.
Architecturally, the project has been designed to maximize connectivity and engagement with its surroundings. Features include an expansive residential porte-cochere along West Boulevard, widened sidewalks, and a corner retail plaza that enhances street-level interaction. The development will also offer more than 400 linear feet of retail frontage along North Arthur Ashe Boulevard, creating a strong visual and functional connection to the neighborhood.
Residents will benefit from an extensive range of amenities, including three open-air courtyards and over 55,000 square feet of indoor and outdoor shared spaces. These features are intended to foster a sense of community while providing spaces for relaxation, recreation, and social interaction.
In addition to its immediate neighborhood benefits, the project offers excellent regional connectivity. With direct access to major highways such as I-64, I-95, and Route 250, residents will be able to easily reach Richmond’s cultural institutions, parks, trail systems, and the scenic James River. This accessibility further enhances the development’s appeal to a broad range of renters.
Construction is scheduled to begin in the second quarter of 2026, marking the start of what is expected to be a transformative project for both the site and the surrounding community.
Walker & Dunlop’s role in this development reflects its broader leadership in the real estate capital markets sector. In 2025 alone, the firm sourced more than $22 billion in capital from non-agency providers, including nearly $16 billion dedicated to multifamily properties. This extensive experience has established the company as a trusted advisor to leading developers, owners, and operators across multiple asset classes.
Overall, the redevelopment of the former Greyhound Bus Station represents not only a significant investment in Richmond’s future but also a testament to the power of strategic partnerships and well-structured financing in bringing ambitious urban projects to life.
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