Charlottesville’s Newest Community, 29North Apartments
Charlottesville, VA (June 9, 2025) – Dominion Realty Partners (DRP), in partnership with Stony Point Development Group (SPDG), is proud to announce they have closed on the debt and equity for their latest multi-family development, 29North Apartments. Ann Arbor, Michigan based Quad Capital Partners is an institutional investor that is providing equity for the project. The team will break ground in the coming days with initial delivery targeted for Summer 2026. The community will bring 318 units, 58 of which will be dedicated as affordable, to the Charlottesville market at the corner of Ashwood Boulevard and Route 29. In addition to the multi-family, the project will also feature 72 units of for sale townhomes.
Just 7 miles from UVA and downtown Charlottesville, 29N residents will be a quick ride away from all that the University and Downtown Mall has to offer. Additionally, tenants will benefit from immediate access to Route 29 (Charlottesville’s major north-south thoroughfare) and the multiple amenity destinations along the corridor including Hollymead Town Center, Shops at Stonefield, Charlottesville-Albemarle Airport, and numerous other shopping, retail and restaurants.
“It has been great to see the continued growth and success of the Charlottesville market and DRP is incredibly thankful to be a part of the community’s growth. Commencing construction on 29North highlights our commitment to bringing environmentally friendly, quality attainable communities to the area. We would like to thank Albemarle County & our partners for their support, vision, and help getting this project out of the ground,” says DRP CEO Michael Campbell.
29N apartments will also participate in Albemarle County’s affordable housing program (County Affordable Housing Site) by providing 18% of the total units for residences making 80% of AMI.
The Property consists of eight apartment buildings, consisting of 318 units, spanning 1, 2, and 3 bedroom units. 29N will include a large resort-style pool with grilling stations, a state-of-the-art fitness center, and a separate dog park. Like all DRP Developments, the project will include extensive green and sustainability concepts and is designed to achieve NGBS Bronze certification.
Since 2021, DRP has constructed 15 apartment communities throughout Virginia and the Carolinas. This will represent DRP’s third apartment development in Charlottesville, having developed 5th Street Place Apartments and the soon-to-deliver Rio Point Apartments, opening Summer 2025. DRP is excited to continue their expansion in the Charlottesville market.
This development will create approximately 400 jobs through the construction process, adding to previous DRP projects that have created more than an estimated 30,000 jobs across Virginia, North Carolina, and South Carolina since 2006. The community is designed by architectural firm Rule Joy Trammell & Rubio. Armada Hoffler will be the general contractor overseeing the construction. Collins Engineering provided civil engineering services for the development.
First Horizon Bank will provide construction financing for the project.
About Dominion Realty Partners
Collectively the DRP team has completed over $3 billion in development and acquisitions over 81 projects with a focus on multifamily, office and mixed use that combine these two (2) product types. DRP currently has over $840 million in multifamily development under construction or in lease up throughout the Southeast with another $500 million in pre-development and has developed approximately 7,500 multifamily units and 4 million square feet of commercial space. DRP is dedicated to developing high-quality, yet environmentally sensitive properties throughout the Southeast & Mid-Atlantic having completed 35 green certified projects, including eight Gold LEED and one LEED Platinum, one LEED certified, three Green Globe certified and 22 NAHB certifications. DRP was recently recognized as a 2024 NGBS Partner of Excellence for their unwavering commitment to building high-performance, sustainable homes. Additionally, the team ranked 7th among Top Multifamily Clients for NGBS Green Certification Activity.
It is the goal of the DRP team to be a model corporate citizen by utilizing resources efficiently and being environmentally aware and responsible.
About Stony Point Development Group
Stony Point Development Group is an award-winning real estate development firm headquartered in Charlottesville, Virginia. Stony Point’s mission is creating great places and enhancing lives through the built environment. The company is uniquely focused on community building in high quality, walkable locations with connections to natural amenities. It acquires, builds and operates mixed asset development projects primarily focused on housing, office, and experiential retail.
Founded in 2015, Stony Point Development Group has overseen $500M in direct investment in ground-up development and acquisitions representing more than 1.5 million square feet of construction. Its vertically integrated team manages the entire project lifecycle from deal sourcing to acquisition through project delivery and asset management. Stony Point is recognized as an emerging leader in mixed-use urban development and one of the most active private developers in Central Virginia.
About Quad Capital Partners
Quad Capital Partners (“QCP”) is a multi-disciplinary real estate investment management and development firm focused on opportunities located within a select group of flagship university and STEM-oriented markets. Directly and with local partners, QCP invests across asset classes and risk profiles with an emphasis on build-to-core multifamily.
QCP is the real estate investment management affiliate of First Martin Corporation. Founded in Ann Arbor in 1968, First Martin Corporation is a full-service commercial real estate firm with a generational approach to investing in projects and relationships.
QCP is currently investing through its $260 million Fund II and is under construction or in planning for approximately 1,300 multifamily units in the Madison, Boulder and Charlottesville markets.