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byline: Rich Griset

NoVa housing market remains hot

Northern Virginia is continuing to see high levels of housing activity, a trend also taking place around the state and around the country.

In an April 13 news release, the Northern Virginia Association of Realtors (NVAR) states that March saw a 54% month-over-month increase in new contract activity in the region, with 2,781 new pending contracts and a 26% month-over-month increase in total pending sales.

“More housing inventory came on the market in March, yet those listings were snapped up quickly; there are simply more buyers than available homes for sale,” said Derrick Swaak, 2021 president of NVAR and a partner and managing broker with TTR Sotheby’s International Realty in McLean, in a statement. “As a result, total dollar sales volume in March was up 25% versus the same month last year. The average March sales price increased 7% across Northern Virginia compared to last year as prospective buyers often found themselves in multiple offer competitions, pushing the limits of what they can afford.”

Realtors in the region also reported an increase in “sight unseen” offers by buyers because of the limited supply of homes. In an informal poll by NVAR of 115 respondents on April 7, more than one-third had presented an offer on behalf of clients who had not actually seen the home; almost one-half had received a “sight unseen” offer on behalf of their seller clients.

“If we’d done this poll two years ago, we probably wouldn’t have seen [these results],” said David Howell, executive vice president and chief information officer with Alexandria-based McEnearney Associates.

While the total number of active listings was down at the end of March compared to the previous March, the number of new listings increased about 9% in the same timeframe. March’s new listings also exceed the previous month’s: There were 2,029 new listings in February 2021, compared to 3,067 new listings in March.

On average, homes on the market in Northern Virginia sold in 20 days in March. That is 25% below the five-year March average of 27 days. Homes continue to sell above listing price, with an average sale price of 101.4% compared to its listing price.

Last month saw 846 active condo listings and 555 active single-family detached homes available. In contrast, last year saw 467 condos listed for sale and 1,217 single-family homes available.

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Winchester apartments sell for $4.5M

WinLee Apartments, a 41-unit multifamily property in Winchester, has been purchased as an investment by Fairmont Holdings LLC for $4.5 million.

Located at 320-350 Fairmont Ave. and 131-165 Peyton St., the six-building complex was sold by WinLee Apartments LTD. The sale closed on April 12.

Jamie A. Scully of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller.

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Roanoke industrial property sells for $2M

A 65,825-square-foot industrial property in Roanoke has been purchased for $2.02 million.

Located at 1764 Granby St. NE, the property was purchased from Vista Properties by H&M Commercial Properties. The property had one tenant occupying about half the space; the other half of the property will be immediately available for lease. The sale closed on March 5.

Adam Hardy and Matt Huff of Poe & Cronk represented the seller.

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VMI names Wins new superintendent

Retired U.S. Army Maj. Gen. Cedric T. Wins was named Virginia Military Institute’s new superintendent by the VMI Board of Visitors on Thursday. Wins, who has served as interim superintendent at VMI since November 2020, is a 1985 graduate of the state-supported military college in Lexington.

“Maj. Gen. Wins has distinguished himself as a leader whose dedication to the institute’s mission and to the corps of cadets has endeared him to many during his brief time as interim superintendent,” said John William Boland, president of the VMI Board of Visitors, in a statement. “There’s no question that Maj. Gen. Wins is the right person to preserve and advance VMI’s unique system of education moving forward.”

Wins’ appointment to the post comes after Gov. Ralph Northam announced an independent investigation into allegations of racism at VMI last October, following exposés in The Washington Post and The Roanoke Times. VMI’s then-superintendent, retired U.S. Army Gen. J.H. Binford Peay III, resigned following the announced state probe. He had served in the position for 17 years.

According to a news release, Wins spent much of his first three months as interim superintendent assessing VMI’s culture, policies and procedures.

Wins previously held many leadership and staff assignments during his 34-year career in the Army, including in the Army’s Headquarters Department and the Joint Staff at the Pentagon. His awards include the Distinguished Service Medal with One Oak Leaf Cluster, the Defense Superior Service Medal, the Legion of Merit with One Oak Leaf Cluster, and the Bronze Star Medal. His final command was as the first commanding general of the U.S. Army Combat Capabilities Development Command.

He holds two master’s degrees, one in management from the Florida Institute of Technology, and one in national security and strategic studies from the National War College.

“If someone had told me a year ago that today I’d be the superintendent of my alma mater, I would have told them they were crazy,” Wins said in a statement. “However, the interactions that I’ve had over the past six months with VMI’s outstanding cadets and dedicated faculty have been some of the most rewarding interactions of my career. The fact of the matter is I believe in the honor, integrity, civility and sacrifice that we instill in our cadets. I’m excited to once again be a part of that and am looking forward to leading this next chapter of the institute’s history.”

Founded in 1839, VMI has been called “The West Point of the South,” and is the oldest state-supported military college in the country. During the Civil War, the Confederacy called on cadets to take part in military engagements, including the Battle of New Market, in which 247 members of the VMI Corps of Cadets fought.

Famous VMI alumni include naval officer and explorer Rear Admiral Richard Evelyn Byrd Jr., General of the Army George Marshall Jr., and Lt. Gen. Lewis Burwell “Chesty” Puller, the most decorated Marine in American history.

VMI was the last U.S. military college to admit women after the U.S. Supreme Court ruled in a 7-1 decision in June 1996 that it was unconstitutional for a school supported by public funds to exclude women.

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Hampton Roads bank receives regulatory approval

Integrity Bank for Business, a new bank forming in Virginia Beach, has received all necessary regulatory approvals to open for business as a bank, it announced Wednesday.

The approvals obtained include: the issuance of a Virginia state bank charter from the Virginia State Corporation Commission and the Virginia Bureau of Financial Institutions; deposit insurance from the Federal Deposit Insurance Corp.; and being accepted as a member bank of the Federal Reserve System by the Federal Reserve Bank. These approvals contain the usual operational and regulatory conditions to open a new bank.

“This was an arduous process from the standpoint of drafting the voluminous documentation required for the regulatory approvals of a new bank,” said Integrity President and CEO Michael S. Ives in a statement. “All three regulatory agencies were thorough and thoughtful in reviewing our applications.”

Formed with many alums from Heritage Bank, which merged with Southern Bank in 2016, Integrity will be focused on serving small business owners and professional firms in southern Hampton Roads.

Integrity plans to open for business in early May. Integrity is headquartered in Virginia Beach’s Lynnhaven area, where the bank will also have its initial branch office.

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VCU Health distribution facility sells for $8M

A Henrico County property fully leased by VCU Health was purchased by an undisclosed investment group for $8.075 million on April 7.

Located at 3008 Mechanicsville Turnpike, the 89,931-square-foot property houses nonpharmaceutical medical supplies and equipment for VCU Health. Since mid-February, the property, a former Pepsi distribution facility, has served as Virginia Commonwealth University Health System Authority’s supply chain logistics headquarters and primary distribution facility for its regional health care operations.

Will Bradley and Mark Williford of Colliers International represented the seller, Charlotte, North Carolina-based real estate private equity firm SilverCap Partners.

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Falls Church retail center to be renovated, rebranded

Falls Plaza, a 10-acre retail center in Falls Church, will begin construction on a renovation mid-April, and will be renamed and rebranded as Birch & Broad.

Located at 1200 W. Broad St., the 144,000-square-foot community shopping center will see a façade renovation, new signage, enhanced landscaping, decorative lighting and multiple outdoor amenity areas. The renovation and rebranding was announced by Federal Realty Investment Trust (FRIT), the property’s owner. A spokeswoman on behalf of FRIT declined to disclose the cost of the renovations.

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Richmond office tower sells for $77M

Richmond’s 15-story Riverside on the James office tower has sold for $77 million, McLean-based American Real Estate Partners LLC (AREP) announced on April 6.

Located at 1001 Haxall Point, the 263,752-square-foot building was acquired from AREP by New York-based Opal Holdings and is 95.3% leased. The building’s main tenant is the Richmond office of Atlanta-based law firm Troutman Pepper Hamilton Sanders LLP.

JLL Capital Markets’ Chris Lingerfelt, Ryan Clutter and Stephen Conley represented the seller.

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Chesapeake senior community acquired for $57.75M

Chesapeake Crossing, a 597-unit mixed-income senior housing community in Chesapeake, has been purchased by Los Angeles-based Standard Communities, the affordable housing division of Standard Companies.

According to Wink Ewing, managing director of investment sales for NorthMarq, Chesapeake Crossing sold for $57.75 million.

The total capitalization of the transaction was approximately $68 million.

Located at 1921 Robert Hall Boulevard, Chesapeake Crossing will undergo a $7.5 million renovation that includes modernization upgrades to individual units, common areas, parking, the leasing office and courtyards.

With this acquisition, Standard has acquired over 3,000 units in the mid-Atlantic region, including approximately 1,500 in Virginia.

Ewing and Mike Marshall of NorthMarq represented the seller, Virginia Beach-based Boyd Homes.

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Construction to start in May on $66M Pinnacle apartments in Va. Beach

Virginia Beach-based Breeden Co. has scheduled a May 7 groundbreaking date for The Pinnacle, its upcoming $66 million luxury apartment complex at the Oceanfront.

Located at 521 31st St., The Pinnacle will offer 240 one-, two- and three-bedroom apartments on the site of a former Farm Fresh grocery store that closed in 2018. Construction is expected to be finished in early 2023.

Breeden Construction will serve as the general contractor, and The Breeden Co.’s property management division will manage the complex.

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