The first phase of one of the biggest residential developments to come to the county is beginning to take shape off Route 288 beside Capital One’s West Creek campus.
Residential Real Estate
Unexpected, unsolicited offers and fallout from the pandemic has landed a Manchester multifamily project on the back burner.
A top-floor penthouse unit in the heart of a West End condominium complex out-sold all other local residential real estate transactions in April, according to the Central Virginia Regional Multiple Listing Service.
“If you don’t stay three to five years ahead, you’re behind,” said Richard Smith, who partnered with Tom Papa and Walter Parks on the deal.
“It’s still a 1956 Oldsmobile. Sometimes you have to just buy a new car.”
“Multifamily (housing) weathers recessions really well, especially B-grade multifamily, and that’s what we do.”
A Richmond property management company added a pair of apartment complexes to its portfolio with the acquisition of 132 units in two deals totaling $5.3 million.
Nearly three years after settling their previous legal dispute, a local residential real estate firm once again is being sued by the regional industry heavyweight from which it was spawned.
With bid prices affected by the coronavirus scare, the sellers rejected all the offers that came in during the week-long online auction, which had been pre-approved by federal prosecutors overseeing Michael Hild’s pending criminal case.
The property in the heart of Hermitage Country Club includes a 14,200-square-foot mansion once owned by the star witness in former Gov. Bob McDonnell’s corruption trial, and now owned by a local developer.