A local real estate firm is finalizing its second acquisition in a year, and putting its foot in the door of a new market to the north.
Dodson Property Management will buy Fredericksburg-based Park Hill Properties management firm July 1 in a deal that gives the company oversight of 71 homes and six commercial properties.
Dodson will take over Park Hill from its founder Frank Franco, who advised Duke Dodson as he launched his company about seven years ago.
“When I got into the business in Richmond, (Franco) was one of the first guys I called to pick his brain about how he ran his business in Fredericksburg,” Dodson said. “He was very helpful and served as kind of a mentor for me.”
No real estate will change hands in the deal, and Dodson declined to divulge the purchase price for the company.
Park Hill will be the second company Dodson has scooped up over the past year. Last July it bought Mechanicsville-based Property Managers of Virginia in a deal that added 93 single-family homes to the company’s collection of rental properties.
Dodson’s purchase will bring the company’s total management portfolio to about 1,700 properties. Some 1,500 are in Richmond with the remainder scattered between Williamsburg and Newport News.
This latest transaction marks Dodson farthest push north. The company will hire a property manager to oversee management of the new properties from Fredericksburg.
Dodson said the company will continue to pursue further acquisitions, but he doesn’t have another immediate target in mind.
“We don’t have any more in the works right now,” he said. “But we’ve had basic conversations with folks to say as they want to retire or leave the business, let us know.”