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JBG Smith breaks ground on two mixed-use towers in Arlington
Maryland-based developer JBG Smith Properties announced Tuesday that it had started construction on two mixed-use towers in National Landing. The multifamily towers, located at 2000 and 2001 S. Bell St., will bring 775 rental apartments and nearly 27,000 square feet of retail space to National Landing. “The start of construction at 2000 and 2001 S. […]
Park West End apartments sell for $59M
Henrico County-based property development company McCann Realty Partners LLC acquired a 312-unit apartment community in its own backyard for $59.25 million on Dec. 27, according to Henrico County property records. Built in 1985, the 224,768-square-foot apartment community sits on 18 acres at 5300 Glenside Drive. The buildings have one- and two-bedroom floor plans, and amenities […]
Fifth District economy has moderate growth, Fed says
The Federal Reserve’s Fifth District (including Virginia, North Carolina, South Carolina, West Virginia and Maryland) saw modest growth but was constrained by supply issues and labor shortages, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. The Beige Book is published eight times per year and is based on anecdotal information gathered [&hellip[...]
Ore. vacation rental company buys two Va. Beach businesses
Portland, Oregon-based vacation rental management company Vacasa announced Monday it had acquired two Virginia Beach companies: Sandbridge Realty and Beach Pros Realty. Vacasa did not disclose financial details of the transactions. The acquisitions mark Vacasa’s entry into Virginia. “Virginia Beach is a highly sought-after East Coast vacation spot. …The homes managed by Sandbridge Realty[...]
Va. Beach vacation company acquired by Calif. company
Mill Valley, California-based Vacatia Inc. has acquired Virginia Beach-based hospitality and vacation ownership company VSA Resorts, the timeshare owner and property management services provider announced Jan. 3. Financial details of the transaction were not disclosed. VSA owns three Virginia Beach properties: Ocean Key Resort, Atrium Resort and Ocean Sands Resort. The company also manages wholly-[...]
Richmond seeks developers for Diamond District
The city of Richmond issued a request for interest on Dec. 28, 2021, seeking developers for the 66.7-acre Diamond baseball stadium property it has dubbed the Diamond District. The city plans to demolish the stadium and construct a new multipurpose one that the Richmond Flying Squirrels will share with Virginia Commonwealth University’s baseball team near […]
$40.8M apartment building in Alexandria sells
A 227-unit apartment building in Alexandria assessed at $40.8 million sold for an undisclosed sum, JLL Capital Markets announced Tuesday. JLL Capital Markets arranged a three-year $34.34 million loan for commercial real estate company Washington Property Co., which brought the property from 100 South Reynolds LLC. The loan was secured through MetLife Investment Management. Located […]
Construction starts on $100M industrial center in Hanover
Construction started Dec. 9 on the $100 million, 1.1-million-square-foot East Coast Commerce Center in Hanover County. The speculative industrial project is slated for completion in mid-summer 2022. The 129-acre center will have 120 truck docks, 540 trailer parks, 8-foot floor slabs, a 2:1 parking ratio and more than 35 surplus acres. “We’re very eager for […]
$55M affordable housing community to be built in Richmond
Construction is set to start in January 2022 on a new $55 million affordable housing community in Richmond, developer Dakota Partners announced this week, after having purchased a 14.4-acre parcel at 2200 Brady St. on Richmond’s South Side. To be known as Brady Square, the community will include 264 residential units in two buildings constructed […]
47 mixed-use parcels in Richmond sell for almost $22M
Seven bundles of properties totaling 47 parcels in Richmond sold for almost $22 million, Commonwealth Commercial Partners LLP announced last week. The mixed-use properties are located in Richmond’s Fan District and consist of retail, office and restaurant space, as well as about 24 apartments and 267 parking spaces. Richmond-based Eck Enterprises LLC sold the properties […]
Virginia Beach, Manassas apartment complexes sell for $77.6M
An apartment complex in Virginia Beach sold for $52.1 million, and an apartment building in Manassas for $25.5 million, Alexandria-based real estate company Bonaventure announced Monday. Sitting on 19.83 acres, Magnolia Run is a 200-unit, 421,272-square-foot apartment complex in Virginia Beach with two- and three-bedroom units, a pool, 24-hour fitness center, playground and clubhouse. Bonaventure [...]
Amazon provides $21M to create real estate developers of color program
Amazon.com Inc. announced Wednesday a $21 million grant to create a professional training, mentorship and capital funding program for real estate developers of color focused on affordable housing. “With this accelerator program, we are laser focused on lifting up emerging real estate developers of color. We want to foster their professional growth through education and […]
