Effective January 1, 2024, the Financial Crimes Enforcement Network (FinCEN)'s Beneficial Ownership Information (BOI) Reporting rule mandates businesses, including those in rental housing, to disclose beneficial ownership details. BOI reporting is required by the Corporate Transparency Act (CTA), which became law in 2021. 

VAMA is now accepting speaking proposals for the 2025 VAMA Conference taking place April 23-25 at the Hilton Norfolk The Main. If you or someone you know has a presentation that would be beneficial to multifamily industry professionals, OR if you see a speaker at Apartmentalize that you'd like to see at next year's VAMACON, please have them fill out the proposal form by July 19, 2024. 

In 2022, one in six renters stayed in their home for 10 years or more, up from 13.9% a decade earlier, according to a Redfin report. Additionally, 16.4% of renters lived in their home for five to nine years, an increase from 14% a decade ago. The primary reasons for longer tenures include the high cost of homeownership, fewer homes for sale, rising rents since the pandemic, and the increase in renting as a lifestyle.

More than 83% of consumers enrolled in loyalty programs say earning rewards significantly influences their repeat purchases. In the multifamily sector, self-guided tours enhance convenience for potential residents and free up on-site staff, improving operational efficiency. With stagnant rent prices, operators seek ways to maintain property performance and increase efficiencies. By leveraging digital payments and resident rewards, operators aim to optimize operations, mitigate arrears, and boost resident retention.

Bonaventure acquired Cavalier Crossing, a 144-unit apartment community in Charlottesville, using proceeds from a $18 million fractional sale of Attain Downtown in Norfolk. Constructed in 2003, Cavalier Crossing is located near the University of Virginia and features amenities such as a swimming pool, fitness center, basketball court and volleyball court, and will undergo comprehensive renovations to upgrade unit interiors, amenities and curb appeal. 

The Helios, a 186-unit, $54 million apartment community is now under construction off Chamberlayne Road. The apartments are reserved for those making up to 60% of area median income (AMI) and are expected to come with a savings on resident utility bills due to the solar panels on each building's roof, plus 4 ground segments across a 1.9-acre solar array. The community is expected to be complete by the end of 2025. 

Renew Little Creek, a 400-unit garden-style community in Norfolk, was aquired by FPA Multifamily for $84 million. The community, built in 1991, is the largest in the company's Hampton Roads portfolio.

A Nashville-based developer has filed plans for a four-story multifamily community on Rady Street in Richmond's Northside. If approved, the project would offer its 400 units to residents earning up to 60% of the area median income (AMI). 

Vanguard Landing, a community designed for individuals with intellectual and developmental disabilities, is under construction and will eventually house about 185 residents and accommodate 50 individuals for day programs. The first phase, costing $36 million and expected to be completed by spring 2026, includes housing for 128 people, a gift shop and other amenities. Once fully built, the community will feature a special events center, guest house, cafe, bakery, larger gift shop, farm stand, education center, thrift shop and transportation services.