The building near the corner of East 11th and Hull streets sold late last year for $2.4 million. (Mike Platania photo)
After years of managing apartment units for other property owners in Manchester, Duke Dodson has for the first time claimed his own stake in the neighborhood.
In late December, his Dodson Development Group purchased 1100 Hull St. for $2.4 million.
Duke Dodson
At 13,600 square feet, the building houses 14 apartments and three ground-floor commercial spaces, all of which are leased to dog groomer Manchester Groom Saloon, nail salon Rich Nail Lounge and an art gallery. Dodson said the apartments were also all leased at the time of the sale.
Dodson said the deal is a bet on the continued growth of Manchester, particularly on the main commercial drag of Hull Street.
“We believe long-term in Hull Street becoming more of a retail corridor servicing the surrounding neighborhood,” Dodson said. “I think long-term you’ve got that retail corridor that Hull Street used to be. It feels like it’s coming back and it’s got some momentum.”
An entity tied to local investor James Hart was the seller in the deal, having owned the property since 2008 and through its renovation in 2011.
Dodson said he’s planning only minor changes to the property.
“We’ll do some sprucing up of the common area and as units turn over, some sprucing of (those). It’s what you’d call a value-add light,” Dodson said.
The two-story building was most recently assessed at $1.7 million. Palmer Wilkins and Clint Greene of Dodson’s brokerage division represented DDG in the deal, and One South Commercial’s Tom Rosman and Lory Markham represented the seller.
The deal was at least Dodson’s third property acquisition in 2021. He opened last year with the nearly $5 million purchase of The Atrium on Broad in Monroe Ward and then bought the Morton’s Apartments building a block down last summer.
On the development side, Dodson’s work includes the former ARC printing building along Arthur Ashe Boulevard, the Cooper Lofts in the old Flood Zone building in Shockoe Bottom, and its own headquarters at 409 E. Main St. downtown.
Dodson Cos.’ headquarters in downtown Richmond. (Photo courtesy of Dodson Cos.)
He’s also an investor in coworking firm Gather and he helped redevelop the company’s coworking spaces at 309 E. Broad St. in the Arts District and 2920 W. Broad St. in Scott’s Addition.
In 2020, Dodson looked out of town for one of his largest projects yet: a $25 million mixed-use project in the riverfront town of Colonial Beach near the Northern Neck. Dodson said that project is moving along and that he’s set to close on the land for the project’s next phase later this winter.
Dodson also has been expanding his property management business via acquisition.
Earlier this month Dodson Cos. announced it purchase of Williamsburg-based Berkeley Realty Property Management for an undisclosed amount. The deal for the over 40-year-old company adds 7,000 dwelling units and 61 homeowner associations to Dodson’s portfolio.
The deal came shortly after Dodson made a similar play in Petersburg when it bought Plum Street Partners, the property management arm of local development firm Waukeshaw Development.
The Dodson Property Management arm now oversees over 50,000 units throughout Virginia and the Southeast.
The building near the corner of East 11th and Hull streets sold late last year for $2.4 million. (Mike Platania photo)
After years of managing apartment units for other property owners in Manchester, Duke Dodson has for the first time claimed his own stake in the neighborhood.
In late December, his Dodson Development Group purchased 1100 Hull St. for $2.4 million.
Duke Dodson
At 13,600 square feet, the building houses 14 apartments and three ground-floor commercial spaces, all of which are leased to dog groomer Manchester Groom Saloon, nail salon Rich Nail Lounge and an art gallery. Dodson said the apartments were also all leased at the time of the sale.
Dodson said the deal is a bet on the continued growth of Manchester, particularly on the main commercial drag of Hull Street.
“We believe long-term in Hull Street becoming more of a retail corridor servicing the surrounding neighborhood,” Dodson said. “I think long-term you’ve got that retail corridor that Hull Street used to be. It feels like it’s coming back and it’s got some momentum.”
An entity tied to local investor James Hart was the seller in the deal, having owned the property since 2008 and through its renovation in 2011.
Dodson said he’s planning only minor changes to the property.
“We’ll do some sprucing up of the common area and as units turn over, some sprucing of (those). It’s what you’d call a value-add light,” Dodson said.
The two-story building was most recently assessed at $1.7 million. Palmer Wilkins and Clint Greene of Dodson’s brokerage division represented DDG in the deal, and One South Commercial’s Tom Rosman and Lory Markham represented the seller.
The deal was at least Dodson’s third property acquisition in 2021. He opened last year with the nearly $5 million purchase of The Atrium on Broad in Monroe Ward and then bought the Morton’s Apartments building a block down last summer.
On the development side, Dodson’s work includes the former ARC printing building along Arthur Ashe Boulevard, the Cooper Lofts in the old Flood Zone building in Shockoe Bottom, and its own headquarters at 409 E. Main St. downtown.
Dodson Cos.’ headquarters in downtown Richmond. (Photo courtesy of Dodson Cos.)
He’s also an investor in coworking firm Gather and he helped redevelop the company’s coworking spaces at 309 E. Broad St. in the Arts District and 2920 W. Broad St. in Scott’s Addition.
In 2020, Dodson looked out of town for one of his largest projects yet: a $25 million mixed-use project in the riverfront town of Colonial Beach near the Northern Neck. Dodson said that project is moving along and that he’s set to close on the land for the project’s next phase later this winter.
Dodson also has been expanding his property management business via acquisition.
Earlier this month Dodson Cos. announced it purchase of Williamsburg-based Berkeley Realty Property Management for an undisclosed amount. The deal for the over 40-year-old company adds 7,000 dwelling units and 61 homeowner associations to Dodson’s portfolio.
The deal came shortly after Dodson made a similar play in Petersburg when it bought Plum Street Partners, the property management arm of local development firm Waukeshaw Development.
The Dodson Property Management arm now oversees over 50,000 units throughout Virginia and the Southeast.
Congratulations, Duke! GO DODSON!
50,000 units! When I met Duke 10 years ago, he was managing about 500 single family rental houses. Congrats to his team as well as to Tom and Lori for the sale. And Duke’s correct, Manchester has been discovered. It is the future of the City for residential growth.
Congrats Duke!
Looks like a smart deal!!! Great job Duke!!