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VAMA News
Tracking Housing Instability to Its Roots
So many of the issues facing renters and housing operators right now have their roots in the spiraling gap between the amount of housing that we, as Virginians, need, and the amount of housing that we have. That is why every possible barrier to new housing construction that can be brought down, must be.
  
Central Virginia Chapter Pitches In to Help Students in Need
For the second year in a row, VAMA's Central Virginia chapter partnered with VCU Foundation and a host of other area organizations for the 5th Annual VCU Ultimate Backpack Supply Drive. The drive gives free backpacks filled with school supplies to students in five school districts in the Central Virginia area, including the cities of Richmond and Petersburg, as well as Chesterfield, Hanover and Henrico counties. This year, participating volunteers set a record of supplying over 31,000 backpacks to area students.
  
Apply for a 2023 VAMA Leadership Position!
VAMA is now accepting applications for Volunteer Leadership positions on our 2023 VAMA Committees and Board of Directors. Nominations are due by October 12, 2022. 
National Asking Rent Decreases for First Time in 2022
Yardi Matrix's latest Multifamily Report reveals that the average nationwide asking rent decreased by $1 in August, marking the first month-over-month decline since mid-2020. While it's possible that rents will continue to decline for the rest of the year, the market is still strong in terms of year-to-date rent growth and national occupancy, which was 96% for the fifth month in a row in August. 
Is your parking lot in need of re-paving or repair?
A - 1 Asphalt Paving & Sealing
A1 Asphalt has the equipment and the experienced crews to complete your paving project with minimal disruption to your tenants. We service properties statewide and specialize in:
 
- Asphalt milling and re-paving
- Parking lot resurfacing and repairs
- Crack fill, sealing, re-striping and signage
 
Contact us for a professional on site evaluation of your upcoming paving project
Please call today for a professional onsite evaluation and paving needs
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The 2023 VAMA Calendar & Budget Guide is Here
Plan for a great year of learning, growing, networking and fun with VAMA! Our 2023 event calendar and budget guide is available now.
"Adaptive Reuse" Projects On the Rise in Texas
Developers in large metros across the state (and the country, for that matter) are converting empty office spaces - often commercial towers - into rental housing communities. Could this be a part of the solution to the housing affordability crisis?
First Atlantic Restoration Inc
Virginia Housing Development Authority
Build Your Skills
  
Earn CECs Online Through NAA's Visto Platform
Did you know? NAA Education Institute and Grace Hill partnered to create an online hub for professional development that includes credential programs and continuing education courses to help take you and your team to the next level. With up-to-date courses for any career path, Apartmentalize Rewind and more, there's something for everyone. Plus, earn CECs for your CAM, CALP, CAPS or CAMT credential from the comfort of your office! 
Multi-Family. It's what we do. Since 1952.
Reico Kitchen & Bath®
The Reico difference means being focused on your needs, every time.  For 70 years we have provided solutions that grow your business and our partnership together.  
  • Being on time with 4 cabinet door styles in stock.
  • Turnkey solutions provide everything you need for kitchens and baths.
  • Service before, during and after the sale.
  • Call 800.336.4526
Visit https://www.reico.com/in-stock/ to learn more
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Belfor USA
Quality Seal Coating & Sport Surfaces, LLC
Development News
Farmville: Luxury Community Sold for $22M
DSP Real Estate Capital purchased The Greens at Sunchase from MSC for $21.7 million. The community, located near Longwood University, has 140 units with two- and three-bedroom floorplans. 
Henrico: Luxury Apartments Planned for Undeveloped Land
The wooded site, at the corner of Gaskins Rd and Patterson Ave, has been approved for years for a residential tower, but has remained undeveloped. Louis Salomonsky, the new land owner, is hoping to rezone the property to allow for 100 units, which will be built as luxury apartments to be later converted to condominiums.
Lynchburg: 66-Unit Community Sold for $8M
Gish Flats Apartments in downtown Lynchburg recently sold for $8.15 million. The community is comprised of 66 units across two buildings, and underwent renovations in 2016.
Newport News: Three Area Communities Bought by Cleghorn Capital
The communities were sold by The Breeden Company, and include Apex at Ashton Green in Newport News, Ashton at Oyster Point in Newport News and Ashton Village in Portsmouth, totaling 370 units. 
Richmond: Newly-Opened Community Sold for $92M
Bristol Development Group sold Tapestry West to Capital Square at the beginning of September for $91.7 million. The 262-unit community opened its doors in the spring of 2022. The $350,000 price per door breaks Captial Square's per-door record of $327,000.
Virginia Beach: 240-Unit Community Sold for $43M
Linden Property Group and Matador Management aquired Bayville Apartments, a 240-unit community built in 1971, for $43 million.