Richmond, VA — Enterprise Community Development has closed on $19.5 million in financing for Green Park Apartments, a new 43-unit affordable housing community in Richmond’s Highland Park neighborhood. This development is part of Enterprise’s investment in and revitalization of the northside of Richmond, which includes Highland Park Senior and Highland Terrace Apartments.
Designed by Quinn Evans and constructed by Urban Core Construction, the project is scheduled for completion in early 2026. Additionally, per requirements under Virginia Housing’s Accessible Supportive Housing LIHTC funding pool, eight units have been designed to meet 504 accessibility standards for individuals with disabilities. These units will also receive rental assistance through a Project-Based Voucher contract with the Richmond Redevelopment and Housing Authority, ensuring they remain affordable for the most vulnerable households.
“Enterprise’s work to finance and build Green Park Apartments exemplifies our commitment to the revitalization of this culturally and historically important Six Points neighborhood,” said Janine Lind, president of Enterprise Community Development. “It is our goal that this beautiful new energy-efficient development helps spark other investments in this important part of Richmond, as we add to the affordable housing options in Richmond and across Virginia.”
“Highland Park is a community that values inclusive housing choices for all. We take pride in partnering with developers committed to building high-quality homes for families of low to moderate incomes,” said Richmond Councilwoman Ellen F. Robertson. “Our mission is to be “the beloved community” of choice to live in for all. Enterprise is a community-focused, affordable housing developer that fulfills dreams and meets our city’s needs where it matters and offers a place to call home that fits people’s budget.”
The $19.5 million development received financing from Virginia Housing, the Virginia Department of Housing and Community Development, the City of Richmond, including equity through the Low-Income Housing Tax Credit and Federal Energy Tax Credit syndicated by Enterprise’s own housing credit investments business with Capital One as the investor.
“Capital One has deep roots in Richmond, and we are pleased to help bring 43 additional units of high quality, affordable housing to one of the fastest-growing cities in Virginia,” said Roy Danniell, Community Finance Capital Officer at Capital One. “Capital One collaborated with the state, City of Richmond and Enterprise Community Development to help finance multiple phases of the broader Highland Park campus, which will ultimately serve more than 180 households.”
Green Park Apartments will feature amenities such as two community rooms, bike storage and a laundry room with in-unit washer/dryer hookups. Additionally, the building will include 3,010 square feet of street-level commercial space, adding important retail options in the Highland Park neighborhood.
The development is designed to meet stringent energy efficiency standards and is being built to comply with the U.S. Department of Energy’s Zero Energy Ready Home program and Enterprise Green Communities standards. Features include ENERGY STAR Multifamily New Construction certification, EPA Indoor airPLUS requirements, and on-site solar panels to minimize environmental impact.