An Alabama-based firm is set to bring hundreds of new apartments to the Richmond area.
An affiliate of Liv Development bought last week the 9.34-acre parcel at Otterdale Road and Village Square Parkway in Chesterfield County from Cosby Village LLC for $6 million, according to an announcement from Harrison & Bates.
Liv Development has site plans approved to develop a 305-unit, market-rate apartment project on the property, Bruce Milam, a Harrison & Bates senior vice president, says. Milam represented Liv Development in the acquisition of the Chesterfield property.
“The apartment market down there is very competitive,” Milam says.
