201 Twenty One is a successful adaptive reuse redevelopment of a former Sears department store originally constructed in the 1950s, located in the Ghent neighborhood of Norfolk, Virginia. Prior to redevelopment, the building had fallen into significant disrepair. Through a partnership led by Daniel W. Aston of Roseland Property Company, together with outside equity partners, the site was creatively repositioned into a high-density, mixed-use urban development.
Completed and rebranded as 201 Twenty One, the property is a four-story, elevator-served, courtyard-style building designed to support a fully integrated urban lifestyle. The development achieves a density of approximately 75 units per acre and features structured parking that enhances pedestrian connectivity and walkability throughout the site.
The project comprises 225 studio, one-, two-, and three-bedroom apartment residences, a 7,000-square-foot clubhouse, approximately 16,000 square feet of ground-floor retail space, and 421 parking spaces, the majority of which are accommodated within a newly constructed structured parking garage. Apartment homes feature spacious, open-concept floor plans with modern design elements, including stainless steel appliances, full-size washers and dryers, and high ceilings. Select residences offer loft-style layouts, luxury vinyl wood plank flooring, granite countertops, and private balconies with courtyard or city views. Total development costs were approximately $45 million. The City of Norfolk played an active and collaborative role in the redevelopment, providing multiple concessions to support the success of this urban infill project.
The community offers an extensive amenity package, including a large clubhouse, a heated swimming pool, and a putting green. Current rental rates are among the highest achieved in the Hampton Roads multifamily market. The property is a clear market leader, consistently operating at or near 100% occupancy while commanding top-of-market rents.
201 Twenty One is financed with a long-term HUD loan at a highly attractive fixed interest rate, further strengthening cash flow stability and long-term value preservation.
