BETHESDA, Md.— Walker & Dunlop has arranged a joint venture equity partnership and construction financing for a $132 million multifamily redevelopment project in Richmond, transforming a former Greyhound bus terminal into a large-scale residential community.
The project, located in the city’s rapidly evolving Scott’s Addition District, will redevelop the former Greyhound Bus Station into a 550,000-square-foot mixed-use property featuring 386 Class A apartment units and more than 14,000 square feet of ground-floor retail.
Walker & Dunlop arranged the joint venture between AIP, Pointsfive, and Bridge Investment Group, while also securing $85.6 million in construction financing from Madison Realty Capital.
“We are honored to collaborate with this exceptional best-in-class partnership,” said Scott Allen, founder and CEO of AIP. “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.”
The development team cited Scott’s Addition as a prime location for multifamily growth, pointing to its walkability, mixed-use character, and strong renter demand.
“This submarket has all the qualities we look for in a multifamily development location,” said Tristan Nadal, founder and CEO of Pointsfive. “Walkability, unique mixed-use urban character, day and night entertainment drivers, and consistently strong renter growth relative to supply.”
Walker & Dunlop’s Capital Markets team, including Mo Beler and colleagues, served as exclusive advisor on the transaction, arranging both equity investment and financing for the project.
“This transaction and development reflect the strength of one of the Mid-Atlantic’s fastest-growing urban submarkets,” Beler said. “Scott’s Addition continues to benefit from strong fundamentals, including steady rent growth, projected household expansion, and a well-documented shortage of quality housing.”
The site at 2910 North Arthur Ashe Boulevard, located within a federally designated Opportunity Zone, will be cleared for redevelopment. Plans call for a design that enhances urban connectivity, including expanded sidewalks, a corner retail plaza, and more than 400 feet of retail frontage. The project will also feature three outdoor courtyards and over 55,000 square feet of indoor and outdoor amenities.
Scott’s Addition has undergone a dramatic transformation in recent years, evolving from an industrial warehouse district into one of Richmond’s most active neighborhoods, known for its breweries, restaurants, and growing residential base. The area is expected to see further growth with the nearby $2.4 billion Diamond District redevelopment and a new minor league ballpark.
Construction on the project is expected to begin in the second quarter of 2026, adding to the pipeline of multifamily development aimed at meeting rising demand in the region.
