Real estate developer HHHunt based in Richmond, Raleigh, and Blacksburg, Va., recently announced plans to plow $428 million into the multifamily market segment this year in the form of apartments and senior living communities in Virginia, North Carolina, and Maryland.
The firm got its start in Blacksburg in 1966 when Harry H. Hunt III identified a need for faculty and student housing at Virginia Tech. Since then the company has been steadily making inroads and developing real estate in South Carolina, North Carolina, Virginia and Maryland. The company’s revenue surpassed $500 million in 2018 and has grown by over 70% in the past five years. The $428 million figure to be invested represents the total value of new multifamily and senior living communities when complete as well as the development and construction of new home communities.
“After five years of strong growth, 2019 is poised to be another stellar year for HHHunt,” says Dan Schmitt, president and COO of HHHunt. “We’re committed to expanding that growth through intentional, strategic development opportunities. Our diversification, along with a guiding principle of reinvesting 90 percent of our annual profit, positions HHHunt for continued success.”
HHHunt’s Apartment Living division will open three new communities this year in Virginia, including Abberly Waterstone in Stafford, Va., Abberly Avera in Manassas, Va., and Abberly Centerpointe in Richmond, Va.
In Raleigh, N.C., Abberly Solaire is under construction with its first apartments scheduled for completion in 2019. Construction on the second phase of Abberly Square in Waldorf, Md. will begin this year, as well as new construction on Abberly Liberty Crossing in Charlotte, N.C. These six multifamily communities in Virginia, North Carolina, and Maryland represent more than 1,500 new apartment homes and $300 million in total investment in multifamily development.
HHHunt’s Senior Living division will open two new communities this year in Maryland, including Spring Arbor of Crofton and Spring Arbor of Frederick. Construction of a third new senior living community in Maryland, Spring Arbor of Olney, is underway. HHHunt also plans to begin construction on a new community in Virginia dedicated to memory care needs, Spring Arbor Cottage of Fredericksburg. These four new senior living communities in Maryland and Virginia will serve more than 365 residents and represent $128.4 million in total investment in these senior living communities.
In addition to multifamily and senior living communities, HHHunt is a leader in developing and building for-sale housing. HHHunt Homes, the home building division of HHHunt Corporation, is one of the largest home builders in the nation, closing over 650 homes in 2018. HHHunt Corporation is listed as number 76 on the Builder 100 List. The home building division is active in Richmond, Va., Hampton Roads, Va., and Raleigh, N.C., delivering detached single-family homes, attached homes, and townhomes.
