Darby House Opens in Richmond, Virginia

Darby House Senior Apartments has opened in Richmond, Virginia. Darby House consists of 108 units and is another successful partnership between the Homes for America and Osprey Property Company that offers affordable apartment living for seniors at least 62 year of age. In the spring of 2004, the project was awarded over $6 million in low income housing tax credits from the Virginia Housing Development Administration. Total development costs were over $10.1 million.
Affordable rents set at 40% and 50% of AMI will help to alleviate the rental shortage in the area and offer low to moderate income seniors a safe, attractive and affordable housing option. One and two bedroom apartments offer full size kitchens with dishwashers and disposals, carpeting and central heat and air. Rents for one and two-bedroom apartments range from $416 to $640.

Community amenities include a multipurpose room, crafts room, tv room/library, fitness center and laundry room on each floor.

The project development team included Winks & Snowa, architect and KBS, Inc., general contractor. Project financing came from Related Capital Corp., syndicator; VHDA, HOME and SPARK loans.

Osprey Property Company is an award winning developer in Maryland and Virginia, including being named Developer of the Year in November 2005 by Maryland Gov. Robert L. Ehrlich, Jr.

Homes and Osprey have partnered on two other senior projects — Chapline House I & II in Prince Frederick, Maryland — and a multi-family community, Ruffin Road Apartments in Richmond, which was completed April 2006. Habitat America will be the property manager at Darby House.