S.L. Nusbaum Realty Co. Represents Greystar Development East, LLC in $27 Million Acquisition of Premier Fredericksburg Development Site

NORFOLK, VA (August 2026) – S.L. Nusbaum Realty Co. is pleased to announce the successful representation of Greystar Development East, LLC in the acquisition of 34.2 acres located at 3430 Fall Hill Avenue in Fredericksburg, Virginia, for $27,000,000.

Known as Ulmanor Farm, the property is widely recognized as one of the last large-scale developable parcels within Fredericksburg’s highly sought-after Central Park corridor. The site’s strategic location adjacent to Interstate 95 and one of the region’s premier retail and commercial destinations positions it as a transformative mixed-use development opportunity for the Fredericksburg market.

Greystar plans to develop a premier multifamily community on the property, which will be part of a larger master-planned development featuring residential, retail, and commercial uses. Lennar is slated to develop townhomes within the project, while Regency Centers plans to develop a grocery-anchored shopping center, creating a dynamic live-work-shop environment for residents and visitors alike.

S.L. Nusbaum Realty Co.’s Larry Agnew and Andrew Thacker represented Greystar Development East, LLC in the transaction.

“Ulmanor Farm has long been recognized as one of the most significant remaining development opportunities in the Central Park region of Fredericksburg,” said Larry Agnew, Senior Vice President with S.L. Nusbaum Realty Co. “This acquisition represents an exciting milestone for the area, bringing together best-in-class developers to create a thoughtfully planned mixed-use destination. We sincerely appreciate Greystar’s continued trust in our ability to identify and secure exceptional development sites throughout Virginia, and we are proud to have assisted in bringing this outstanding opportunity to fruition.”

The development is expected to further strengthen Fredericksburg’s position as a key growth market along the Interstate 95 corridor by delivering new housing options, neighborhood-serving retail, and long-term economic benefits to the region.

“We are grateful to Greystar Development East, LLC for their confidence in our team and their continued partnership across Virginia,” added Agnew. “Their vision for this site, alongside the contributions of Lennar and Regency Centers, will help shape the next chapter of growth in Central Park and create lasting value for the Fredericksburg community.”

For additional information, please contact: Larry Agnew, lagnew@slnusbaum.com, 804. 882.5779 or Andrew Thacker, athacker@slnusbaum.com, 804.357.6075.