As the 2025 Virginia General Assembly session begins, lawmakers will address housing issues like evictions and rental stability. Recent data shows Virginia’s eviction rates remain low, with most cases resolved without forced evictions. However, housing affordability remains a major concern due to rising costs and limited affordable units, impacting low-income renters the most. 

See a snapshot of what VAMA leadership and members accomplished last year in the areas of membership growth, participation, legislative advocacy, community support and career awareness for the rental housing industry.  

Change is a constant in the multifamily industry, impacting technology, regulations, processes, and roles. A panel at the 2024 Entrata Summit highlighted the importance of supporting associates through these transitions to prevent burnout. Strategies include creating change-focused teams, embedding change agents within teams, and explaining the “why” behind changes to foster buy-in. Only about one-third of change initiatives succeed, so progress relies on proactive measures like FAQs, pilot groups, and feedback loops. The panel emphasized that effective support and communication can turn challenges into breakthroughs.

VERVE Charlottesville, a student housing community near the University of Virginia, will offer 1,332 beds across 463 units, with layouts ranging from studios to four-bedroom apartments. The 729,262 square foot development will be located at 100 Stadium Road and its project agreement includes a $6.8 million contribution to the Charlottesville Affordable Housing Fund.

Forest Lake at Oyster Point, a 296-unit multifamily property in Newport News, Virginia, has been acquired by Richmond-based Levco Management. Strategically located at 307 Saint Thomas Drive, the community is near Jefferson Lab, Riverside Regional Medical Center, and 1.4 miles from the City Center at Oyster Point business district.
Source: Connect CRE

A former bank building at 4101 Granby St. will be transformed into 28 market-rate apartments, with an additional 26 units planned in a new four-story building on the property. The development, led by Monument Cos., will feature primarily one-bedroom apartments, six two-bedroom units, and ground-floor commercial spaces totaling over 2,300 square feet. Funded with state and federal historic tax credits, the $10 million project is set to begin construction in spring 2025 and will take 16 months to complete.
Source: Yahoo News

The River Lofts at Tobacco Row, a historic Shockoe Bottom apartment complex with 742 units across six converted tobacco warehouses, was sold to Boston-based investment firm West Shore for over $100 million. The property will undergo multimillion-dollar renovations to improve amenities, roofing, and filtration systems. This marks West Shore’s first property in Virginia, with plans to enhance the resident experience through significant upgrades.

Douglas Development plans to convert the 20-story Eighth & Main tower in Richmond’s Financial District into 290 apartments and 200 hotel rooms, revitalizing the mostly vacant 1970s-era building. The project will incorporate historic tax credits and maintain the existing parking deck at 620 E. Cary St. Construction is expected to begin in late 2025, with a two-year timeline.

Lawson has broken ground on Smith Ridge Commons, a 216-unit affordable housing community in Roanoke, designed for individuals and families earning up to 60% of the area median income. Spread across 12 acres, the development will offer one-, two-, and three-bedroom apartments, including 11 UFAS-accessible units, and will meet Earthcraft Gold and Energy Star standards. The first residents are expected to move in by late this summer.