Walker and Dunlop Secures Equity and Financing for Transformation of Richmond Greyhound Station into Class A Multifamily and Retail Development
Walker & Dunlop has arranged a joint venture between AIP, Pointsfive, and Bridge Investment Group to redevelop the former Greyhound Bus Station in Richmond, Virginia into a multifamily community. The firm secured the equity and an $85.6 million construction loan with Madison Realty Capital for the $132 million project.
The development will occupy roughly 550,000 square feet in Richmond’s Scott’s Addition District and deliver 386 Class A residences and more than 14,000 square feet of retail. The site at 2910 North Arthur Ashe Boulevard sits within a federally designated Qualified Opportunity Zone and will be cleared for redevelopment.
“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, said Scott Allen, founder and CEO of 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, said Tristan Nadal, founder and CEO of Pointsfive.”
Walker & Dunlop Capital Markets Institutional Advisory and Equity & Structured Finance served as exclusive advisor to co-developers AIP and Pointsfive. Mo Beler, Jonathan Paine, Heather McClure, Cory Elbaum, Michael Williams, and Jackson Irwin arranged the venture equity investment from Bridge Investment Group. Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Sean Reimer, and Michael Brown secured the construction financing with Madison Realty Capital.
“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, said Beler, senior managing director of Capital Markets and co-head of Equity & Structured Finance at Walker & Dunlop.”
Architectural plans emphasize urban connectivity and retail activation, including an expansive residential porte-cochere along West Boulevard, enlarged sidewalks, a corner retail plaza, and over 400 linear feet of retail presence on North Arthur Ashe Boulevard. Programming includes three outdoor courtyards and more than 55,000 square feet of combined indoor and outdoor resident amenities.
Scott’s Addition has transitioned from an industrial warehouse district into a walkable mixed-use neighborhood with breweries, restaurants, boutique fitness, creative office, and multifamily housing. The nearby $2.4 billion Diamond District redevelopment and a new minor league ballpark add institutional-scale projects to the submarket. Construction is scheduled to begin in the second quarter of 2026.
This transaction underscores continued institutional interest in urban infill, mixed-use product, and opportunity zone sites, and reflects capital markets activity supporting large-scale multifamily redevelopment.