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PRC Acquires Downtown Richmond Apartments, Plans Seniors Housing
People Restoring Communities (PRC), an affordable housing development firm, announced the acquisition of Grace Street Apartments, an 11-story residential building located at 400 East Grace Street in downtown Richmond, Virginia.
PRC, in a joint venture with The Delaine Companies and in partnership with the Richmond Redevelopment & Housing Authority (RRHA), plans to substantially rehabilitate the long-vacant property and create 68 affordable apartments for seniors.
PRC acquired the property through a ground lease with an upfront payment of approximately $4.9 million. The acquisition was financed with a $3.3 million bridge loan from Low Income Investment Fund, with PRC contributing approximately $1.6 million in equity, both of which are expected to be repaid with funds available at the project’s construction closing.
The planned rehabilitation will reconfigure the building’s existing 58 apartments, which are currently a mix of studios, one-, and two-bedroom apartments, into 68 homes tailored to low-income seniors, while upgrading the building’s ground-floor commercial space. The rehabilitation is expected to begin in the Spring of 2027 and be completed by the end of 2028.
