RICHMOND, Va. -- Less than a month after unveiling a $500 million plan for development of its campus in Richmond’s Northside, Virginia Union University announced the first step it is taking toward implementing that plan over the next 10 years.

During its Founders’ Day festivities on Friday, VUU announced that Steinbridge Group, a Philadelphia-based investment firm, will invest upwards of $40 million in a joint venture with the university to develop up to 200 apartments and potentially some for-sale homes on university-owned land at Brook and Overbrook roads at the campus’s northeast corner.

The development could include some commercial space and would total at least 130 residential units with market-rate and lower-income rents or price points. The housing would be available to the general public, including students and alumni, and would create a new revenue stream for the university, with profits from rents shared between VUU and Steinbridge through the joint venture.