Humanities Leases $20 Million Apartment Complex Ahead of Schedule

Richmond, VA – Humanities Foundation has completed Puddledock Place Apartments in Prince George County, VA.   This affordable community for families is valued at more than $20,000,000 and was developed in two phases.  Both phases filled up ahead of schedule and are now 100% leased.  “We knew demand was strong, but these apartments leased up much faster than we thought, “said Tracy Doran, President of Humanities Foundation.  “Phase Two leased up in less than two months. That is very impressive.”

Puddledock Place Apartments were financed utilizing Low Income Housing Tax Credits  (LIHTC) administered by Virginia Housing and Development Authority, construction and permanent financing from Bank of America Merrill Lynch, permanent financing from the Federal Home Loan Bank of Atlanta and equity from the Richman Group.  Connelly Builders was the contractor. The apartments were developed as a joint venture with James Doran Company and are managed by JDC Management, an affiliate of James Doran Company.

Puddledock Place enjoys a prime location near South Park Mall and Fort Lee that makes the community a very desirable place to live.  Residents have a wide range of retail, entertainment and services to choose from in addition to being close to major area employers.  Development amenities include a clubhouse, laundry facility, fitness center, playground and a computer center.  Unit amenities include a refrigerator, dishwasher, disposal, ceiling fans and washer/dryer hookups.  Site amenities include a basketball court, a computer lab, a fitness room and a playground.  A food pantry has been provided for residents and after school activities will also be available.

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