New South Richmond Townhomes to Offer Targeted Rents
The 234-unit development provides rental options for households earning 50% to 60% of the area median income.
Updated on Oct. 27, 2026 in Apartments
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Standard Communities has broken ground on a new 234-unit townhome complex in South Richmond. The project, located at 250 E. German School Road, aims to provide rental housing for households earning between 50% and 60% of the area median income.
Why it matters
The $90 million development introduces new rental inventory for middle-income households in South Richmond. By securing $45 million in bond financing through the RRHA, the project targets specific affordability levels for local residents.
The development plans set rents at $1,650 for three-bedroom units and $1,840 for four-bedroom units. These townhomes are designated for households earning 50% to 60% of the area median income.
The players
Standard Communities
A developer that acquires and manages residential properties for diverse income levels.
RRHA
The Richmond Redevelopment and Housing Authority, which facilitates affordable housing through bond financing.
Virginia Housing
A state-level entity that provides financing to increase access to affordable rental housing.
The details
The project consists of 35 rows of three-story townhomes spread across a 15-acre site. Construction is supported by a mix of capital including $45 million in bond financing from the RRHA, with additional funding provided by Virginia Housing, U.S. Bancorp, Citi, and Stifel. The development serves households within specific income brackets by leveraging these financing structures to maintain controlled rental rates.
Timeline
The developer filed initial plans for the project in 2024.
Standard Communities purchased the development land for $1.5 million in summer 2026.
Construction officially commenced at 250 E. German School Road in October 2026.
The project is expected to be completed in 18 months.
Money Landscape
This development follows the recent completion of the 150-unit Pinnacle at Afton complex, adding significant inventory to the South Richmond rental market. The project marks a major capital investment in local housing as developers continue to target specific affordability tiers in the city.
Households earning between 50% and 60% of the area median income may find these new units offer a more predictable monthly housing cost. Those interested in renting should consult a financial professional to evaluate how these planned rates align with their long-term household budget.
The takeaway
This development adds 234 units to the South Richmond housing market with targeted rent levels for moderate-income families. Prospective tenants should monitor local housing listings for application openings as the 18-month construction timeline progresses.
Further reading
Learn more about the local rental market by visiting Apartments.
Source note: This article includes information reported by Richmond BizSense.
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