Developer client Capital Square Realty Advisors is adding another apartment project to its portfolio with the purchase of the N. Chasen & Son building in Richmond’s Scott’s Addition neighborhood. Capital Square is planning to redevelop the site into approximately 350 apartment units with Lerner Enterprises, a Maryland-based development firm whose owners are also majority owners of the Washington Nationals baseball team.
While the project is Lerner’s first in the Richmond region, it’s the latest in a string of developments Capital Square is working on in Scott’s Addition. In addition to Greystar, its residential development taking shape at 1601 Roseneath Road, the company is also under contract to purchase the Hutcheson & Co. building at 3015 W. Leigh St., where it’s considering renovating the building into a food hall. It also has ground moving on Scott’s Collection, a trio of buildings that will bring a total of 212 apartments to the neighborhood.
Rod Simmons leads the firm’s representation of Capital Square.
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