“Multifamily (housing) weathers recessions really well, especially B-grade multifamily, and that’s what we do.”
Residential Real Estate
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.
While industry observers maintain the Richmond home market remains strong, signs that COVID-19 is having an effect on listings are beginning to emerge.
A local investment banker and physician’s purchase of a nearly 60-year-old house near the Country Club of Virginia came in as the highest-priced residential transaction in March, as local agents navigate showing high-end homes in a time of social distancing.
Impacts of the coronavirus crisis on countless numbers of renters in the region are in turn trickling down to apartment managers and developers, a sampling of whom discussed challenges they are facing in the third installment of BizSense Assembly. The online panel discussion series this week focused on issues faced by Richmond’s multifamily market amid… Read more »
Another new development with some height is planned along the Pulse Corridor on Broad Street, this time by one of the developers behind the Quirk Hotel.
Developers now can submit plans via email, a move that comes as a response to disruptions caused by the coronavirus pandemic.