Elections were held in the Commonwealth of Virginia Tuesday, November 2. This year’s ballot featured contests for Virginia’s three Constitutional offices of Governor, Lieutenant Governor and Attorney General as well as all 100 seats of the Virginia House of Delegates, with party control at stake.
Please join VAMA in congratulating the winners from our annual Star Awards, which recognizes the best and brightest in the Roanoke-Lynchburg area! Members gathered together on Friday, November 12 at Hotel Roanoke to celebrate this special night together and honor the nominees and winners of these distinguished awards.
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In 2020, rents in Richmond, VA, rose 5%, which was the highest single-year growth in 10 years. Then in 2021, rents rose an additional 11%. The average rent for a one-bedroom in the city is now $1,195, with two-bedrooms averaging $1,340.
Our most exciting event of the year, the annual VAMA Conference, is coming up April 27-29 in Norfolk, VA, and you don't want to miss it! With 25 education sessions on a range of topics presented by industry favorites as well as brand new speakers, there is truly something for everyone!
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A recent Monster.com survey found that 70% of remote employees are experiencing burnout. With more employees now working remotely than pre-pandemic, leaders are struggling to connect with and motivate the team members they don't work in the same office with. Find tips for keeping your remote employees "turned on and tuned in."
A recent consumer report found that 52% of renters nationwide are paying rent online, and 35% are signing their leases digitally. Other interesting findings were top reasons a renter moves, what they look for in a rental ad, and more.
Breeden Construction will serve as general contractor to develop 31 multifamily units in the Old Trail Village planned community in Crozet, VA. The $9.4 million development is an addition to the 1200-acre mixed use community nestled in the foothills of the Blue Ridge Mountains that includes a golf course, hotel, village center and single-family homes.
The portfolio of 55 units was sold from LP Apartments LLC to AC Capital LLC. The new owner plans to upgrade the communities.
Breeden Construction will serve as general contractor to develop Gravity 400 Apartments in Norfolk, VA, a luxury multifamily project owned by Marathon Development. The $45.8 million construction project includes development of 273 multifamily units as well as a fitness room and pool.
Local development group plans to spend $15 million redeveloping the former TCC Visual Arts Center and a Dollar General in Olde Towne. The new development would include a restaurant, duckpin bowling alley, and 12 apartments, including a penthouse and rooftop lounge.
The Richmond-based company closed two deals in November - acquiring Plum Street Partners of Petersburg and Patriot Properties, based near Leesburg. The acquisitions added roughly 3,700 multifamily units to Dodson's portfolio.
An out-of-town developer is under contract for the purchase of Tiffanie's Manor, a nursing care facility in downtown. Zoning documents filed recently point to am upcoming redevelopment of the property into apartments.
The redevelopment, led by Pembroke Realty Group, will include a seven-story,156-unit senior community, a 329-unit apartment community and a new-to-the-area, nationally-recognized hotel. The projects are expected to be completed in 2024.
Platinum Management LLC has applied for zoning changes to the former Virginian PIlot production plant off Greenwich Road. The developer is planning 315 apartments along with a clubhouse, pool, fitness facilities and outdoor living spaces.
Pines of York, a 248-unit community in Yorktown, sold for $45 million, while Tech Center Square in Newport News sold for $36.7 million. Both communities were sold by Resoure REIT.
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