Looking to capitalize on the Richmond region’s ballooning apartment count, a group of seasoned commercial brokers have been recruited to help launch a new multifamily property management firm.
Norfolk-based brokerage Robinson Sigma and Baltimore-based WPM Real Estate Management, a residential property management firm, have partnered to form WPM MidSouth Multifamily.
The venture, which launched Sept. 25, offers a variety of property management services, including leasing and marketing, asset management and repositioning, crisis management and acquisition due diligence.
The firm’s territory will encompass Virginia and the Carolinas, and will have regional offices in Richmond and Norfolk.
The group has tapped a few heavy hitters from CBRE’s Richmond and Hampton Roads divisions – all of whom are helping grow WPM MidSouth’s presence while keeping their full time gigs with CBRE.
Joseph Marchetti Jr., a local developer and managing director of CBRE | Richmond, is one of six principals with WPM MidSouth. Other principals include Tom Robinson, chairman of CBRE Mid-South partnership, and CBRE’s Scott Adams, Perry Frazer, Rob Stockhausen and Tom Vozenilek.
Todd Willet, CBRE | Richmond director of asset services, also will serve on the board of directors and as executive vice president of the WPM MidSouth operation, respectively.
Will Bradley, a broker with CBRE | Richmond, has been tapped as WPM MidSouth’s senior vice president and co-director of business development. WPM Real Estate President James Dahlgren is also on the management team.
Leonard Frenkil Jr., president of multifamily real estate at WPM Real Estate, will lead the partnership as president and as a director on its board.
Other directors include Tony Smith, vice president of Robinson Sigma and Mark Caplan, WPM’s chairman.
Besides metro Richmond, Northern Virginia and Hampton Roads, WPM MidSouth also will focus on several major metros and cities in a tri-state region that includes Raleigh-Durham, Winston-Salem, Greensboro and Charlotte in North Carolina, and the fast-growing South Carolina metros of Greenville, Columbia and Charleston.
“We see this as a great opportunity given both our firms’ experience,” said Smith, WPM MidSouth board of directors chairman and vice president of Robinson Sigma. “The market in Virginia, North Carolina and South Carolina is growing fast enough where a property management firm of our experience and caliber is warranted.”
Despite several of WPM MidSouth’s top slots going to CBRE brokers and executives, Smith said the venture is strictly between Sigma Robinson and WPM Real Estate, and is not associated with CBRE.
Frenkil said the firm is consulting with several developers, looking to deliver a multitude of multifamily projects by 2020 and 2021.
Frenkil said the company is open to working with owners of multifamily properties of all sizes.
“Whether it’s a company looking for property management services for 25 units or 250 units …we’re going to work with them on maintaining and securing their assets,” he said.
Starting WPM MidSouth comes as rental multifamily development is growing fast across the three states. And metro Richmond is no exception.
Thousands of new units are in various stages of planning and development in the region – particularly in Chesterfield and Henrico counties, and Richmond.
Earlier this week, the Richmond Planning Commission recommended approval of a $32 million, 224-unit apartment complex at 2009 Brook Road near Virginia Union University’s campus.
Dominion Realty Partners recently submitted a plan of development for a complex totaling up to 248 units that would fill a 25-acre parcel at 900 Boulders Parkway in Chesterfield County.