Berkadia is pleased to present the exclusive offering for NOVEL Scott’s Addition— an impeccably positioned, newly constructed mid-rise in the heart of Richmond’s most dynamic submarket. Completed in 2025, NOVEL combines upscale finishes, an unmatched amenity suite, and a premier walkable location to create the market’s most compelling luxury offering. The asset caters to the Richmond metro’s growing base of affluent renters seeking an elevated lifestyle within steps of Scott’s Addition’s acclaimed breweries, restaurants, entertainment, and the transformative $2.4B Diamond District redevelopment.

Recognized as CoStar’s 2025 Impact Award Winner for Multifamily Development of the Year in Richmond, NOVEL stands as a testament to visionary design, best-in-class amenities, and superior execution. This prestigious industry honor underscores the property’s unrivaled quality and reinforces its position as the clear leader in Richmond’s luxury apartment market. 

With its resort-style saltwater pool, expansive fitness and wellness center, modern social lounge, co-working suites, and thoughtfully designed interiors, NOVEL delivers the region’s most complete luxury living experience. This superior amenity package positions NOVEL as the clear market leader-commanding sustained premium rents and outperforming even the newest competitive deliveries. Current rent spreads demonstrate a meaningful post-stabilization opportunity, with achievable premiums of $0.20+ PSF above peers supported by best-in-class differentiation.

NOVEL’s positioning as the submarket’s flagship property is further strengthened by its large, efficient floorplans, high-quality construction, and forward-thinking design that caters to long-term renter preferences. As the only asset in its peer set offering this combination of lifestyle-driven features, unit mix, and superior location, NOVEL is poised to lead the Scott’s Addition market in both rent performance and occupancy.