The Roanoke-Lynchburg chapter of the Virginia Apartment Management Association hosted their annual Star Awards ceremony on the evening of November 10th at the Hotel Roanoke. This awards program honors the dedication and achievements of apartment professionals and communities across the Roanoke-Lynchburg region. Please join us in congratulating the 2023 winners for their outstanding accomplishments.
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Celebrate maintenance professionals with MAINTENANCE LEGENDS™, a new program from NAA and HD Supply, featuring stories that make them legendary! Three winners will be selected each month for their tales of going above and beyond for their rental housing communities. At the end of this season, one Maintenance Legend will drive away with an amazing grand prize.
A new RentCafe report, using data collected by Yardi, ranked the top 50 U.S. zip codes that had the most new apartment units constructed in the last 5 years. The 23230 zip code of Richmond came in third in the country, with a 235% increase in apartments over the period.
Source: Multi-Housing News
Visto, an online learning platform developed by Grace Hill and the National Apartment Association, has an extensive library of apartment industry-related courses that can be taken at your convenience. If you need continuing education credits (CECs) for your upcoming CAM, CALP, CAMT, CAPS or CAS credential renewal, or are looking to deepen your knowledge on a specific subject, you can do so from your office, your home, or anywhere you have internet access.
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To address resident retention challenges, operators are turning to technology to enhance the renewal process. Renewal software platforms are helping companies automate follow-up procedures, experiment with dynamic pricing, and improve communication through text and apps. As a result, these management companies are experiencing benefits such as increased renewal rates, quicker decision-making from residents, and reduced vacancy loss.
Source: Multifamily Executive
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Dec 2023
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12/5 Central Virginia
12/5 Hampton Roads
12/6 New River Valley
12/7 Roanoke Lynchburg
12/12 Blue Ridge
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Work is underway to develop the 124-acre site at the intersection of Courthouse and Iron Bridge Roads. Plans include 300 apartments, 112 for-sale townhomes and 72 condos, a hotel, outpatient health facility, and 250,000 square feet of commercial space.
Source: Richmond BizSense
Newly-built The Station Apartments was sold last month for $60.5 million, fetching roughly $301,000 per door for the seller. The 201-unit community was just completed earlier this year, and was 99% occupied at the time of the sale.
Source: Richmond BizSense
Courthouse Green Townhomes, a 266-unit community built in the 1970s, was acquired by Jones Street Investment Partners for $50.9 million. This was the fourth sale of the community in nine years.
Source: Connect CRE
Daleville College Apartments, a 20-unit, recently-renovated multifamily community, was sold to DCA Partners for $2.07 million. The original buildings were erected in the early 1900s as a school, which closed in 1933.
Source: Virginia Business
Three separate buyers each purchased a parcel of land from Dominion Energy in the Fan. The largest deal, coming in at $7.5 million, was closed by Audeo Partners, which plans to develop 125 apartments at 2400 Grayland Ave.
Source: Richmond BizSense
The community, named Silos at Southern Pines, will be developed by The Franklin Johnston Group as a second phase of their existing Southern Pines Apartments project. Fifty-three of the units will be set aside as "workforce housing," rented at 25% under market rate.
Source: Virginian Pilot
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