Standard Communities Breaks Ground on $88 Million Joyfield Towns Affordable Townhome Project in South Richmond

RICHMOND, Va. — Standard Communities broke ground Oct. 20 on Joyfield Towns at German School, an $88 million development that will deliver 234 affordable three- and four-bedroom townhomes in South Richmond. The project, at 250 E. German School Road, is financed through a mix of federal Low-Income Housing Tax Credits, tax-exempt bonds issued by the Richmond Redevelopment and Housing Authority (RRHA), and financing from Citibank and U.S. Bank. The City of Richmond is also supporting the project, and Virginia Housing is among the project partners.

Construction is already underway, with completion expected in approximately 23 months, the firm announced. The company noted that the schedule could change because of construction conditions, financing, regulatory approvals and other factors.

Joyfield Towns at German School: Project Details

Joyfield Towns at German School is the third Joyfield Living community from Standard Communities, which describes the platform as brand-new construction with luxury finishes and fixtures at a price working families can afford. At the stated development cost, the project equates to approximately $376,000 per planned home.

The community will include a clubhouse, community gathering space, playground and dog park. Residents will have access to on-site supportive services provided by Ounce of Care.

The development will serve households earning 50% to 60% of area median income. For a four-person household, that range corresponds to annual income of $56,750 to $68,100. Sixty-two of the homes will have project-based rental assistance through a Section 8 contract with RRHA.

Rent Levels Compared With Market-Rate Housing

Families at the top of the income range will pay $1,653 per month for a three-bedroom home and $1,836 for a four-bedroom home, according to the company. Market-rate rents for a similar community average $2,800 for three-bedroom and $3,000 for four-bedroom homes, the firm said. Based on those figures, the income-restricted rents are roughly 41% and 39% below the cited market rents, respectively.

Financing and Public-Private Partnership

The capital stack combines federal Low-Income Housing Tax Credits, tax-exempt bonds issued by RRHA, and financing from Citibank and U.S. Bank. The City of Richmond is supporting the project through its Housing Trust Fund and Affordable Housing Performance Grant. RRHA is committing more than $25 million in Project-Based Vouchers over the next 15 years.

"Developments like Joyfield Towns at German School demonstrate what is possible when public and private partners come together around a shared goal," said Feras Qumseya, Chief Development Officer at Standard Communities. "By bringing together innovative financing, strong local partnerships and an efficient development model, we can deliver the quality housing that working families need. We're proud to invest in South Richmond and help create more opportunities for families to put down roots."

Steven Nesmith, Chief Executive Officer of RRHA, said: "A strong community starts with a safe, quality place to call home. For too many Richmond families, finding housing they can afford remains a challenge. Joyfield Towns at German School represents the kind of partnership we need to expand housing choices, strengthen neighborhoods and create more opportunities for residents to build a stable future. RRHA's investment of over $25,000,000 in Project-Based Vouchers over the next 15 years will increase the housing options for eligible families needing larger sized units."

Richmond City Councilmember Nicole Jones said: "I'm excited for this intentional project that will bring affordability for the residents of the 9th district. It's how we keep our community whole. Projects designed with residents in mind will give families a dignified place to call home."

Joe Ouellette, Chief Operating Officer of Standard Communities, said: "My mom was a public high school teacher in Virginia, and growing up I often heard about the students in her class who were struggling. More often than not, the reason wasn't the classroom at all. It was instability at home. When families can count on a quality home they can afford, kids can make the most of their education, and that opens doors for the rest of their lives. I'm excited that Joyfield Towns will give more Richmond families the opportunity to not just get by, but to thrive."

Virginia Deputy Secretary of Commerce and Trade Stewart Ackerly, Jones and other project partners joined Standard Communities leadership at the groundbreaking ceremony.

Richmond Apartment Market Context

The project arrives as Richmond's apartment market absorbs substantial new supply. The metro's apartment vacancy rate reached 8.1% as of September 2026, following a delivery cycle that included approximately 5,450 completed units in 2023. About 2,150 units were delivered during the latest 12-month period, and average apartment rent was approximately $1,439 per month, up 1.1% year over year.

Cushman & Wakefield reported 5,941 multifamily units under development in Richmond in the third quarter of 2026, with seven projects breaking ground during the quarter, most in Chesterfield County. Effective rents rose 0.6% year over year, while vacancy declined 50 basis points year over year and was flat quarter over quarter.

Richmond's housing policy calls for approximately 1,000 affordable units annually, a production goal to which Joyfield Towns will contribute.

About Standard Communities

Standard Communities is a national affordable housing investment, development and operations platform with approximately $7 billion in assets under management, nearly 30,000 units and more than 200 communities across 22 states and Washington, D.C.

Sources

• Standard Communities: Standard Communities Breaks Ground on Nearly $90 Million Richmond Development that will Deliver 234 Affordable Townhomes