Learn more about our 2024 VAMA President, Ashley Bowman. When asked to detail her career journey, Ashley wrote, "I always tell people, I am grooved to be in the business. What does that mean? It means from a very young age, I have been part of the apartment industry. My mother was a property manager and we lived on-site. I would go with her to complete light inspections, take calls, and be the junior lifeguard at the pool every summer. During college, I worked in the evenings at a community in Grafton and then ultimately landed a position as a leasing agent. I learned all the basics from my mom, and I can’t thank her enough for instilling that passion in me."
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Amid the post-pandemic housing market challenges, the role of the Low-Income Housing Tax Credit (LIHTC) in supporting affordable housing projects cannot be overstated. However, rural communities encounter hurdles in securing funding through LIHTC, and the credit's impending sunset on January 1, 2025 adds urgency to the situation. As federal support declines, a looming affordability crisis emerges, particularly in the context of aging rental units under programs like the USDA's Section 515 Rural Rental Housing Loans.
The Central Virginia chapter of the Virginia Apartment Management Association hosted their annual RAMMY Awards on the evening of January 19, 2024 at the Greater Richmond Convention Center. The highly anticipated event had record-breaking attendance of 820 multifamily rental housing professionals, eager to celebrate individual and apartment community accomplishments. This year’s judging, conducted virtually by submission review and interviews, determined the following to be leaders in apartment management in the Central Virginia market.
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We are pleased to announce that Brian Chase, Founder and Principal of Landmark Property Services, Inc. and VAMA member, has officially joined the National Apartment Association Board of Directors Executive Committee as 2024 Secretary! We are honored to have him representing us on this esteemed leadership team, and excited to see where he and the entire NAA Board of Directors will lead the rental housing industry in 2024.
The National Apartment Association's latest research delves into the intricacies of rental property finances, offering a detailed breakdown of where each dollar of rent goes in Virginia specifically. From covering mortgage payments, operating expenses and employee payroll to taxes and capital expenditures reserves, the breakdown illuminates the financial responsibilities property owners shoulder, with only a slim 6 cents returned as profit. This highlights the importance of letting market conditions determine rents, rather than government manipulation like rent control legislation.
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2/15 Roanoke
2/16 Lynchburg
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3/5 Central Virginia
3/5 Hampton Roads
3/6 New River Valley
3/7 Roanoke Lynchburg
3/12 Blue Ridge
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9:00 AM Website Committee
1:00 PM Events & Education Committee
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Construction has begun on Old Hundred Trace, where all 54 units will be available to residents making 60% or less of Area Median Income (AMI). The 77,000-square-foot building will be three stories and have 108 surface lot parking spaces.
Source: Richmond BizSense
Forest Pine Apartments, a 244-unit community in Franklin, VA, was recently sold for $18 million to FPA LLC, FP Associates and Adjacent Properties.
Source: S.L. Nusbaum Realty Co.
Breeden Construction announced the construction completion of the Center West Phase II in Midlothian. The $39 million project was completed for developers Castle Development Group, while Breeden Construction served as general contractor.
Source: The Breeden Company
Woodmere Trace, a 300-unit community made up of one- and two-bedrooms, was sold to nonprofit affordable housing provider Enterprise Community Development for $38.5 million. The community, which includes a pool, laundry facilities, fitness center, dog park and more, was built in 1974 and renovated in 2014.
Source: Virginia Business
Belleview Apartments, a 48-unit community in the Town of Orange, was sold for $1.9 million. The 48-unit building was originally built in 1911.
Source: Virginia Business
Brightview Baldwin Park, a senior community in Staunton, was sold to Dallas-based Lloyd Jones, who plans to rename the community Aviva Baldwin Park. The two-building, 136-unit community will receive a $3.1 million renovation.
Source: Connect CRE
After recently acquiring Dove Landing Apartments, Community Investment Group has plans to renovate all of the community's not-yet-updated 318 units. Community improvements will also include parking lot repairs, landscaping, upgrading the pool area and playgrounds, and exterior building repairs.
Source: Yahoo Finance
Breeden Construction is pleased to announce the successful completion of the High Street multifamily project in Williamsburg, Virginia. This new construction venture, undertaken for Commonwealth Properties LLC., features 32 apartment homes and six townhomes. Breeden Construction served as general contractor for the community.
Source: The Breeden Company
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