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Tag: residential real estate

Four industrial buildings in Spotsylvania County sell for $14M

Four industrial buildings in Spotsylvania County sold for $14 million and will be redeveloped into an apartment complex, Cushman & Wakefield | Thalhimer announced Monday.

The 495,830-square-foot, four-building Fredericksburg Industrial Park is located at 11800-11900 Main Street and 10857 Houser Drive in Spotsylvania County. Monument Cos. plans to redevelop the property into 525 one- and two-bedroom apartments with 14,000 square feet of commercial space, according to Cushman & Wakefield | Thalhimer.

Monument Development Fifteen LLC purchased the properties from Acorn Capital Co. LC as an investment. 

Further details about the redevelopment have yet to be released. Virgil G. Nelson of Cushman & Wakefield | Thalhimer handled the sale on behalf of the seller.

 

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Alexandria office building sells for $13.12M; to be converted to condos

An office building in Alexandria that sold for $13.12 million will be converted to condominiums, according to an announcement from Bethesda, Maryland-based commercial real estate firm Finmarc Management Inc. 

Located at 801 N. Fairfax Street, the vacant four-story, 65,971-square-foot building will be converted to a 54-unit complex. Construction is expected to begin this year, but a timeline for its opening has not been released.

Finmarc sold the property, also known as the Waterfront I, to Abramson Properties, an Alexandria-based general contractor. The building was constructed in 1971 and overlooks the Potomac River. It is part of a two-building office portfolio, which also includes Waterfront II, a five-story, 90,000-square foot building located at 209 Madison Street.

“During our nearly seven-year hold period of Waterfront I, we were able to maximize value in this asset and believe the planned residential use represents an excellent strategy moving forward based on the evolution of North Old Town,” Finmarc Vice President Sean Sullivan said in a statement. “We continue to evaluate our portfolio for favorable disposition opportunities to fund future acquisitions, with a goal of acquiring more than $200 million worth of assets in 2021.”

John Pellerito and Paul Norman Jr. of Cushman & Wakefield represented Finmarc, and Joseph Hoffman and Heather Purdy of Kelley Drye & Warren LLP provided legal services.

 

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Hampton Roads Realtors Association installs new chairman

Berkshire Hathaway HomeServices Towne Realty announced last week that Tanya Monroe, the managing broker of its Chesapeake sales office, has been installed as Hampton Roads Realtors Association’s (HRRA) chairman for 2021.

With 20 years of experience in the real estate industry, Monroe has experience as an agent and as president of the Tidewater Association of Mortgage Brokers and the Virginia Association of Mortgage Brokers. In 2000, she became an active member of the HRRA, the third largest Realtors’ association in the state, with more than 4,000 members.

Monroe was installed by former Chairman Ann Palmateer, a fellow Berkshire Hathaway HomeServices Towne Realty agent. 

Berkshire Hathaway HomeServices Towne Realty employs more than 500 people in Hampton Roads and Southeast Virginia.

 

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Va. home sales up by 30% in November

Virginia home sales were up by more than 30% in November — marking the greatest increase in home sales activity in more than six years, according to data released Thursday by Virginia Realtors.

During the month of November, there were 11,590 home sales in Virginia, an increase of 2,681 from the same time last year. Year-to-date figures show a 6.7% increase in home sales.

While the number of home sales increased during November, so did median home sales prices. The median home sales price in Virginia for the month of November was $328,000, a 13.8% increase compared to last year. While demand remains high, Virginia Realtors expects there to continue to be a lack of supply continuing into 2021.

“At the end of November, we saw a decline in active listings of nearly 40% compared to what was on the market just one year ago,” Virginia Realtors Chief Economist Lisa Sturtevant said in a statement. “It’s possible that the market could see a slowdown in activity as Virginia’s homebuyers face increasingly limited options.”

 

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Rose & Womble president/CEO to retire in June 2021

Virginia Beach-based real estate company Rose & Womble Realty Co. announced last week that its president and CEO, Art Zachary, will retire in June 2021.

Zachary started with the company in June 1970. It became Rose & Womble in June 1998. He will continue to serve as chairman of the board and work with the operating committee to determine his duties. Chief Operating Officer J. Van Rose Jr. will become the next president of the company

“We are incredibly grateful for Art’s vision and dedication to our organization and industry over the past 50 years,”  Van Rose Jr. said in a statement. “He will remain an integral part of our company as an owner and leader.”

During his career, Zachary served for 20 years on the board of directors of Real Estate Information Network Inc. (REIN), the multiple listing service (MLS) for Hampton Roads, holding six terms as president and three as vice president. He was also president of Leading Real Estate Companies of the World (LeadingRE), served on the board of directors for Tidewater Builders Association and was named Hampton Roads Realtors Association 1997 Broker of the year.

Rose and Womble has more than 600 licensed agents.

 

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Va. home prices, sales up during October

Home prices in Virginia continued to surge during October due to high demand, low inventory and mortgage rates, according to a report released by Virginia Realtors on Tuesday.

Northern Virginia, Central Virginia and Hampton Roads saw median home prices rise by 15% when compared with the same time last year. The median statewide home sales price was $333,000 — with the Southwest region seeing median home prices up by 43% when compared to last year.

Although higher home prices benefit sellers, that is making affordability more challenging for buyers, according to Virginia Realtors. October’s median home price was nearly $70,000 higher than it was five years ago.

“All trends suggest that we will see double-digit price growth at least through the end of the year,” Virginia Realtors Chief Economist Lisa Sturtevant said in a statement.

More than 13,000 homes sold in October, a 28% increase from last year. The summer and fall markets led to the growth in residential real estate sold, according to Virginia Realtors.

 

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Construction begins on $20M Norfolk apartment complex

Construction began late last week on a $20 million apartment complex at the site of the former American Cigar Co. in Norfolk, according to S.L. Nusbaum Realty Co.

The 118-unit complex (including one-, two- and three-bedroom floor plans) will be located at 1140 and 1148 E. Princess Anne Road in Norfolk’s Bruce’s Park neighborhood. The Ashton Apartment Homes name is derived from a cigar brand.

“Our Bruce’s Park neighborhood has always been concerned with the future of this historical site of the Old Tobacco Factory built in 1903,” said Bruce’s Park Civic League President Barbara Dolgia in a statement. “Many of us have family connections with the African American women who worked in the factory in a role known as ‘stemmers’ — those that removed the stem from the tobacco leaves in order to manufacture cigars. We are so pleased that we were able to work with the developers to build new quality housing that would be constructed in a way to honor this special history.”

The complex was designed by Richmond-based Timmons Group, Virginia Beach-based Details Interior Design, Virginia Beach-based TS3 Architects PC, Norfolk-based Siska Aurand Landscape Architects Inc. and Virginia Beach-based Speight, Marshall, Francis. Morgan Keller Construction is serving as the general contractor. 

“The need for additional quality housing in this market continues to be in high demand, and we are pleased to be part of the solution here,” Aaron Wyatt, S.L. Nusbaum senior vice president and co-director of multifamily housing, said in a statement. “We take pride in being able to maintain the historical integrity of this land with a new community that our future residents will be proud to call their home.” 

Leasing is set to begin in late summer 2021 and construction is expected to be completed by the fourth quarter of 2021. S.L. Nusbaum worked with TowneBank and the Virginia Housing Development Authority to secure financing for the development.

 

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Active Hampton Roads home listings dropped nearly 40% in October

Compared to last year, active Hampton Roads home listings were down nearly 40% in October, Real Estate Information Network Inc. (REIN) reported Tuesday.

Only 4,887 homes were on the market, compared to 8,089 last year marking the sixth consecutive month that inventory has fallen more than 32% year-over-year, according to REIN.

“Extremely low inventory has not slowed the unusually high number of sales,” REIN Executive Vice President Joan Griffey said in a statement, however. “The cycle is expected to continue through at least the end of the year, with some brokers and economists projecting it to last well into spring.”

October sales continued to increase in Hampton Roads. Residential pending sales increased by nearly 28% when compared to last year, with 3,230 homes going under contract. Settled sales also increased by nearly 20% when compared to last year, with 3,180 homes closing.

Median sales prices were also up last month. Hampton Roads’ median sales price rose from $240,000 to $271,000, a 12.92% increase.

 

Infographic courtesy REIN
Infographic courtesy REIN

 

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Williamsburg apartment complex sells for $46.5M

An apartment complex in Williamsburg sold for $46.5 million, commercial real estate firm Colliers International announced Wednesday.

Located at 100 Whitworth Way, Elan-Williamsburg is a 198-unit apartment complex developed by Charleston, South Carolina-based real estate developer Greystar in 2018. It was sold to Glen Allen-based real estate investment group Capital Square 1031.

Nine different floor plans are available that include options of one to three bedrooms and one or two bedrooms. Square footage ranges from 696 square feet to 1,232 square feet. 

The apartment complex is located within a three-mile radius of the Williamsburg Premium Outlets, Colonial Williamsburg,  Merchants Square, the Shops at High Street and Marketplace Shopping District. 

A Colliers National Multifamily Advisory Group team including G.S. “Hank” Hankins, senior vice president; Charles Wentworth, senior vice president; Will Mathews, managing director; Victoria Pickett, first vice president; and associates Clay Ellis and Garrison Gore represented the seller.

 

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Virginia Realtors turns 100

This month, Virginia Realtors will be 100 years old, marking its anniversary as a centenarian while the residential real estate market in Virginia continues to climb despite the pandemic.

Founded on Oct. 22, 1920, Virginia Realtors has become one of the largest trade associations in the state, representing 35,000 members in the residential and commercial real estate business. The organization includes 28 local Realtor associations and represents all regions of the commonwealth. 

“Over the past 100 years, the Realtors of Virginia have become one of the greatest contributors to the state economy while also striving to help ensure that the American dream of homeownership and housing opportunities are available to all Virginians,” Virginia Realtors 2020 President Kemper Funkhouser said in a statement. “The fact that wars, depressions, recessions and now even a global pandemic have not stopped the progress of our association is a testament to the strong foundation we have established.”  

The organization was founded as the Virginia Real Estate Association and was established to standardize the real estate business, enforce fair dealing and encourage the business of real estate in Virginia. Paul T. Collins from Norfolk was the organization’s first president. 

As the organization has grown, it has provided industry advocacy, training and professional resources to members and advocates for real estate professionals, homebuyers, sellers and renters — and also works to create fair housing opportunities for Virginians.

Virginia Realtors postponed its centennial convention until fall 2021 due to the pandemic.

 

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