Snapshot

Virginia Apartment Management Association

VAMA News
 
   
Valley Rental Housing Council presented the APEX Awards in October.  Congratulations to all of the Nominees and Winners!

Visit https://www.naylornetwork.com/vam-nwl/pdf/VRHC_101819_APEXwinnersNews.pdf to view the full article online.

 
Industry is beginning to bail out CA from the housing crisis by pledging funds.

Visit https://www.bloomberg.com/press-releases/2019-11-04/apple-commits-2-5-billion-to-combat-housing-crisis-in-california to view the full article online.

 
Petersburg is increasing its enforcement efforts focusing on dormant, blighted properties.

Visit https://www.progress-index.com/news/20191019/city-ups-ante-against-blight to view the full article online.

 
Emily Hamilton, a research fellow at George Mason University’s Mercatus Center, has undertaken an in-depth study of inclusionary zoning in the Washington-Baltimore metro.  One of the conclusions - jurisdictions with mandatory inclusionary zoning regulations reported 1% higher housing costs.

Visit https://www.baconsrebellion.com/wp/is-inclusionary-zoning-the-answer-to-the-housing-crisis/ to view the full article online.

 
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The numbers so far...

Visit https://money.yahoo.com/2019-housing-market-151141576.html to view the full article online.

 
Localities began offering incentives in "Opportunity Zones" but they aren't as easy to sell as was hoped.

Visit https://www.businessreport.com/business/opportunity-zone-tax-breaks-tough-sell to view the full article online.

 
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Development News
A new community at the far west edge of the Richmond metro area built a year ago recently sold to a Henrico-based company.

Visit https://richmondbizsense.com/2019/10/28/eight-figure-flip-newly-built-west-creek-apartment-complex-fetches-108-million/ to view the full article online.

 
Roanoke builder Lucas Thornton plans to construct a large real estate development, house at least 100 new downtown residents and create offices for 200 additional people to work downtown after the Campbell Court Transportation Center is demolished.

Visit https://www.roanoke.com/business/project-would-add-hundreds-of-residents-workers-downtown/article_d817bb02-cd5b-5511-8834-9fff909662c0.html to view the full article online.

 
Wilton Cos. has sold roughly half of their apartment units to Landmark Property Services, LLC. 

Visit https://richmondbizsense.com/2019/11/07/wilton-cos-sells-west-end-apartment-portfolio-for-nearly-100m/ to view the full article online.

 
The Myrtles at Olde Towne, a 394-unit multifamily community in Portsmouth, sold for $43.35 million to Arlington-based Blackfin Real Estate Investors.

Visit http://www.virginiabusiness.com/news/article/arlington-real-estate-firm-buys-portsmouth-apartments-for-43.35m to view the full article online.

 
Chesterfied will get a new shopping center and instead of offices, there will be luxury apartments above the shops.  

Visit https://www.richmond.com/business/developer-acquires-land-in-chesterfield-for-million-for-the-promenade/article_39e53cbc-6bf1-5819-af69-9b51ac06466f.html to view the full article online.

 
The Sears at Regency Mall will be demolished and a multistory apartment building will be built. 

Visit https://www.richmond.com/business/large-tenant-closing-store-at-regency-mall--unit-apartment/article_211842e4-79de-52f6-b749-2566dfbbe68e.html to view the full article online.

 
Setting a tone for future renovations along Main Street, these four apartments are the start of "urban" infill. 

Visit https://www.wdbj7.com/content/news/New-luxury-apartments-set-the-standard-for-future-restoration-projects-in-Pulaski-563688341.html?fbclid=IwAR3DFvzIr-qAS6ecITSuGO2wqjXGHUXt233ZFpiH9h-h0T9lj8gLGnvhL2k to view the full article online.

 
Plans call for a four-story apartment complex with a 5,500-square-foot clubhouse and leasing office, pool, four-story parking garage, and multiple interior courtyard areas.

Visit https://richmondbizsense.com/2019/10/23/ohio-based-firm-plans-250-apartments-on-vacant-innsbrook-land-dubbed-silver-hills/ to view the full article online.

 
A new mid-rise building is 70% complete and the unique amenity was hoisted into place ... a vintage Airstream will be converted into a pool house/club room on the roof. 

Visit https://richmondbizsense.com/2019/10/22/40-million-main2525-project-taking-shape-in-the-bottom/ to view the full article online.

 
Shiplock Views near Libby Hill site work began.  Units will range from 670 to 950 square feet, with monthly rents ranging from $1,300 to $2,300. Blundon said 75 percent of the units will be one-bedroom floor plans, while the rest will be two-bedroom residences.

Visit https://richmondbizsense.com/2019/10/21/site-work-starts-on-shiplock-views-apartment-project-near-libby-hill/ to view the full article online.

 
Henrico has approved plans for a large mixed-use project across from Rocketts Landing dubbed Fulton Yard.

Visit https://richmondbizsense.com/2019/10/17/city-henrico-give-final-approvals-to-fulton-yard-development/ to view the full article online.