John Les enjoyed Richmond’s urban lifestyle, but he wasn’t thrilled about the rent he was paying for a one-bedroom apartment in Scott’s Addition. So like a lot of young professionals considering buying a home, he did the math earlier this year and realized he could buy a home and pay no more than he was already paying for his apartment.
“The rent was becoming astronomical,” said Les, a pharmacist. “I found out my mortgage would be the same price, so I thought I might as well invest in property.”
He often visited friends in the Lakeside area of Henrico County, and he considered buying a home there. Then he visited Lakeside Landing, a new community being developed and built by Reston-based Stanley Martin Homes at 5950 Brook Road. The community offers a mix of townhomes and condominiums, and Les liked the development’s architectural styles as well as its location.
“It’s so close to downtown, but it doesn’t have any of the commotion,” Les said.
He signed a contract for a three-bedroom, 2½-bath condo in May. He moved in earlier this month. “It’s just about three times as large as my old apartment, and I’m paying the same price,” he said.
He’s going to have to buy some new furniture, but he’s fine with that. And parking isn’t going to be a problem. “I have a garage now,” Les said.
Stanley Martin bought the 9.2-acre parcel of undeveloped land in the spring of 2018 because it believed the site’s location near Interstate 95 and its proximity to downtown Richmond would be appealing to homebuyers, said Kimberley Guilder, the company’s community sales manager.
“The price we paid put us in a position to offer affordable options for prospective buyers in this area,” Guilder said.
The company began construction in February.
So far, Stanley Martin has completed one condo building and has another under construction. Construction on two more buildings will begin in the next two months, and the company will build two more after those.
The condo buildings will be two-over-twos, meaning that they will have two-story condos built on top of two-story condos. The two-over-two design is similar to what Stanley Martin is building in its Saunders Station development in western Henrico, as well as its Riverwalk in Rocketts Landing development in eastern Henrico.
However, the exterior styles for the condos and townhomes at Lakeside Landing will be more traditional than Riverwalk’s contemporary, urban look, Guilder said.
Condo sizes will range from 1,524 to 2,452 square feet, and prices start at $224,990.
Stanley Martin has built two three-story townhome buildings and has three others slated to be finished by the end of the year. It will build four more after that, Guilder said.
Sizes for the townhomes range from 2,174 to 2,205 square feet, and prices start at $264,990.
Each townhome will have a backyard, and every condo and townhome will have a garage.
“Having a garage is a big attraction for buyers relocating from the city,” Guilder said.
There will be 84 condos and 42 townhomes in Lakeside Landing when construction is finished.
Sales have gone well, with half of the condos and townhomes sold in the first six months. Price point and location were drivers for the early success as well as for attracting a wide range of buyers, Guilder said.
“We have a mix of very qualified buyers who are downsizing and first-time homebuyers looking for an easier commute,” she said. “It hits a lot of buttons for homebuyers because we have different options for size, price point and style of living.”