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January 21, 2014

Richmond's Newest Retirement Community

FOR IMMEDIATE RELEASE Contact:  Dotti Houlihan Telephone: 804-335-8510 Email: The Pointe at Magnolia Lakes


Richmond, VA, January 14, 2014 — In the past 15 years, Roger A. Glover III has built more than 1,000 homes in 13 Active Adult communities across Virginia, North Carolina, Tennessee and Louisiana. But none are located in Richmond, the city where he’s lived since graduating from business and law school at University of Richmond—and where the headquarters of his company, Cornerstone Homes, LLC, is located.   “I was looking for the right opportunity to develop and build a premier retirement community in my hometown,” says Glover, who has been in the building industry for 25 years. He found that golden opportunity when The Pointe at Magnolia Lakes recently became available.   Located in Chesterfield County on Ironbridge Road at Chalkley Road, and within convenient proximity to shopping, medical, public parks and entertainment, The Pointe at Magnolia Lakes is a lifestyle community with homes specifically designed for empty nesters and retirees. Throughout this past December, Glover worked closely with the existing residents, Chesterfield County officials and the previous developer to obtain this 30-acre project, which includes nearly 30 completed homes, 106 ready-to-build lots, clubhouse, pool, lakes and an additional undeveloped 15 acres.   Cornerstone will continue to build one-level, no-maintenance, energy-efficient homes on the remaining lots as well as make improvements to the community’s clubhouse, fishing lake and other recreational facilities and amenities. The company’s goal is to enhance the quality of life for both current and future homeowners.   The grand re-opening of The Pointe at Magnolia Lakes is scheduled for spring 2014, with homes being completed for new residents before the end of 2014.   Jeanie Bode, SVP, of Richmond’s First Capital Bank provided the acquisition loan for the purchase, and will also supply the construction financing, and the Richmond-based investment firm, Fazenda Investments LLC, is participating in the project.  Pete Waldbauer, VP of Cushman & Wakefield | Thalhimer, was the real estate broker that brought the parties together.  



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