In March, the VAMA and AOBA organizations jointly dispatched a letter to Governor Youngkin, formally requesting his veto for four pieces of legislation affecting the rental housing industry, for which we have updates.

Throughout the early months of 2024, VAMA's engagement with various educational institutions and career expos has been instrumental in fostering awareness about our industry and its opportunities among students. Across counties and programs, our interactions have aimed to provide valuable insights and guidance to young minds.

The latest report from Redfin reveals that 38% of U.S. renters doubt they'll ever own a home, citing affordability concerns as the primary obstacle. Rising home prices, hefty down payments, and soaring mortgage rates are deterring many from buying, with 14% simply uninterested in homeownership. Despite record-high rents, some relief may come from a slowing growth in prices due to increased supply.

The community, called The Arrowood Charlottesville, is a joint venture between GW Real Estate Partners and Griffin Capital. The first buildings are expected to open in the summer of 2025, with full completion by March 2026. The 250 units will be comprised of studios, one-, two- and three-bedroom apartments with luxury finishes and community amenities including a pool, fintess center, co-working space and more.

Installations and enhancement of charging stations taking place at 27 communities across Southeast.

The 20-unit community off Little Bay Ave in Willoughby was sold to Nouveaux Little Bay for $3.1 million. All 20 units are one-bedrooms.

The condo-style apartment community was sold to Nouveaux Effingham for $2.4 million last month. The community's two buildings house 17 two-bedroom units. 

Two deals closed earlier this month, in which Capital Square bought both the former Dairy Bar and the former Tang & Biscuit properties in the Scott's Addition neighborhood, totaling 2.2 acres. The company plans to build a mixed-use develoment on the site, which will include ground floor retail with either apartments or hotel rooms above. Construction is expected to begin in 2025. 

The new development will replace three vacant buildings across from the public library on Hull Street, and will include 60 apartments, a 27-space parking deck and 19,000 square feet of commercial space. 

A 44-year-old, 8,000-square-foot building in the Museum District, formerly used primarily as offices, is undergoing a redevelopment into 11 apartments. Construction is expected to be complete in the next few months. 

Pembroke Realty has begun the second phase of the ongoing $200 million redevelopment of the former Pembroke Mall in Virginia Beach. So far, Aviva Pembroke, the project's senior living community, is well underway and expected to open in October 2024, and demolition to the interior of the mall. Soon, exterior demolition of the mall will begin, as well as construction of a Temp By Hilton Hotel. Phase 3 will include a conventional apartment community with 272 units.