Carter and Annie Snipes are selling the management arm of their real estate business.
A local real estate veteran is letting go of his property management arm.
Carter Snipes, owner of Snipes Properties, is under contract to sell the company’s property management portfolio. The buyer is Bear Granville, a Charlottesville-based firm that first bought its way into the Richmond market in 2012.
As part of the deal, Bear Granville will take on Snipes’ portfolio of management contracts on a couple hundred properties, the bulk of which are in the Fan and the West End.
Snipes’ wife, Annie Snipes, has overseen the property management operations since the company launched in 2008.
“We got into property management to serve clients that couldn’t sell during the recession,” she said in an email. “We focused mainly on higher end single family rentals. We decided to sell those to a traditional management firm so we could focus on brokerage and development.”
The deal marks Bear Granville’s second move into Richmond’s property management market after it bought a portfolio of 300 local single- and multi-family properties in early 2012. It first set up shop with an office in Manchester but moved in spring 2014 to 2,000 square feet at 8 N. Belmont Ave. near Carytown.
Doug Brooks, a principal at Bear Granville, said the company will gain further traction in the Richmond market by taking on the seasoned book of business.
“It’s a perfect marriage of two portfolios,” Brooks said.
Money for the sale will be paid out over three years and the deal may close in December.
Snipes Proprieties will continue with its real estate brokerage operations. The Bear Granville deal allows it to focus on building up its development arm, along with its construction subsidiary River West Group.
River West was launched earlier this year and has quickly been building up its pipeline of projects.
Annie Snipes said Snipes Properties is buying 2816 W. Broad St. with hopes of attracting a restaurant. Photo courtesy of CVRMLS.
The renewed focus on development includes potential residential and restaurant properties.
Snipes said she and her husband are closing on a deal this month to buy the 14,400-square-foot property at 2816 W. Broad St. with the hope of leasing it to a restaurateur. She said acquisition and development costs of the property will be $1.6 million.
The deal is being financed by First Capital Bank, and Todd Dykshorn is the architect.
“We were attracted to the Broad Street property because we can develop it by right and start construction quickly,” Carter Snipes said in an email. “We have a couple of (letters of intent) already, but we are still searching for the restaurant, brewpub or winery concept.”
In November, the couple closed on a 14,000-square-foot office building in the Museum District that they plan to demolish and replace with apartments. Carter Snipes said that in 2014, Snipes Properties’ sales division has closed on $11.5 million in residential and commercial sales.
Carter and Annie Snipes are selling the management arm of their real estate business.
A local real estate veteran is letting go of his property management arm.
Carter Snipes, owner of Snipes Properties, is under contract to sell the company’s property management portfolio. The buyer is Bear Granville, a Charlottesville-based firm that first bought its way into the Richmond market in 2012.
As part of the deal, Bear Granville will take on Snipes’ portfolio of management contracts on a couple hundred properties, the bulk of which are in the Fan and the West End.
Snipes’ wife, Annie Snipes, has overseen the property management operations since the company launched in 2008.
“We got into property management to serve clients that couldn’t sell during the recession,” she said in an email. “We focused mainly on higher end single family rentals. We decided to sell those to a traditional management firm so we could focus on brokerage and development.”
The deal marks Bear Granville’s second move into Richmond’s property management market after it bought a portfolio of 300 local single- and multi-family properties in early 2012. It first set up shop with an office in Manchester but moved in spring 2014 to 2,000 square feet at 8 N. Belmont Ave. near Carytown.
Doug Brooks, a principal at Bear Granville, said the company will gain further traction in the Richmond market by taking on the seasoned book of business.
“It’s a perfect marriage of two portfolios,” Brooks said.
Money for the sale will be paid out over three years and the deal may close in December.
Snipes Proprieties will continue with its real estate brokerage operations. The Bear Granville deal allows it to focus on building up its development arm, along with its construction subsidiary River West Group.
River West was launched earlier this year and has quickly been building up its pipeline of projects.
Annie Snipes said Snipes Properties is buying 2816 W. Broad St. with hopes of attracting a restaurant. Photo courtesy of CVRMLS.
The renewed focus on development includes potential residential and restaurant properties.
Snipes said she and her husband are closing on a deal this month to buy the 14,400-square-foot property at 2816 W. Broad St. with the hope of leasing it to a restaurateur. She said acquisition and development costs of the property will be $1.6 million.
The deal is being financed by First Capital Bank, and Todd Dykshorn is the architect.
“We were attracted to the Broad Street property because we can develop it by right and start construction quickly,” Carter Snipes said in an email. “We have a couple of (letters of intent) already, but we are still searching for the restaurant, brewpub or winery concept.”
In November, the couple closed on a 14,000-square-foot office building in the Museum District that they plan to demolish and replace with apartments. Carter Snipes said that in 2014, Snipes Properties’ sales division has closed on $11.5 million in residential and commercial sales.