Early this month, the Virginia General Assembly gaveled out of session. The legislature considered a broad slew of bills on nearly every topic from marijuana legalization to vanity license plates. A full legislative report will be forthcoming to all members. It is very possible that the legislature will reconvene for another Special Session before the end of the year. The big developments from this year’s session revolve once again around responses to the COVID-19 pandemic.

Virginia's own Wendy Drucker, Managing Director of Drucker + Falk, reflects on COVID's impact on the industry and shares her insights for leasing in unprecedented times. 

VAMA has received follow-up from the Virginia Department of Health that confirms that property management, leasing, maintenance and other on-site personnel will be included in Phase 1c of vaccine distribution in Virginia. This is owing to our inclusion under the ‘housing construction’ category of employees in Phase 1c. 

The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker, which surveys over 11 million apartment units each month, found that 80.4% of households made a full or partial payment between March 1 - 6, 2021. This is down from the 84.5% that had made a payment by March 6, 2020, and up slightly from the 79.2% that had made a payment by February 6, 2021. 

Your VAMA membership unlocks savings with The Home Depot Pro.  VAMA members can earn cash back up to 2% annually when they enroll in the free Pro Xtra Loyalty Program.

 

As a Pro, you have access to dedicated resources, including in-store support, that can work with you directly on your projects to ensure you get the right supplies at the best price. Your Pro Xtra account also gives you additional discounts and savings sent right to your inbox. Saving is simple, start earning cash back today! 

This has been a truly remarkable year – and not always in a good way. Most of us work at the “front lines” of our companies, a term that usually refers to a battle. And I think that is what we are going through. 

The Class-A community will sit across the street from Martha Jefferson Hospital in the Garner area. The project is scheduled to be completed in late fall of 2022. 

The acquisition included mostly communities in North Carolina, with one, The Samuel, located in Hampton, VA. The 284-unit community is one of eight acquired by the company in the $306 Million deal. 

The $110,000 per-door deal is the highest Petersburg has seen in the last several years. The company is planning amenity updates to the 66-unit community.

The four-building community marketed to those 55 and older will receive a multimillion dollar renovation.

The 224-unit, garden-style community is scheduled to break ground this month, with a completion date of September 2022. 

The 182-unit Frontier Apartments, built in 1971, was sold for $17.6 Million in a deal that closed at the tail end of 2020. 

27 Atlantic Apartments, a 240-unit luxury high rise, is expected to have several floors open at the beginning of summer. The $100 million project boasts ocean views and a rooftop pool and bar, among many other impressive amenities.