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.
The U.S. Navy awarded Arlington-based defense contractor BAE Systems Inc. (the U.S. subsidiary of United Kingdom-based BAE Systems plc), a $65.7 million contract to develop, produce, test, evaluate and update air traffic control systems for the branch, the U.S. Department of Defense announced Thursday.
Under the contract, BAE Systems will also develop and support test beds, field change programs and supplies for the Navy’s air traffic control and landing systems division, according to the DOD.
The majority of the work will be performed in St. Inigoes, Maryland, with the remaining 40% to be conducted in Lexington Park, Maryland. The contract is expected to be completed by December 2025.
The Naval Air Warfare Center Aircraft Division received two bids for the contract.
BAE Systems employs approximately 35,100 people across the U.S., U.K., Sweden and Israel. The company generated $11.4 billion in sales last year. BAE Systems Inc. is an independent U.S. subsidiary of England-based BAE Systems plc, one of Europe’s top defense contractors.
The John Marshall Foundation, which raises funds for education about the rule of law under the Constitution, will now go by the John Marshall Center for Constitutional History & Civics, the nonprofit announced Friday.
“The new name seeks to convey to the public that everyone is invited, that people lie at the center of its mission, and that the organization is specially equipped to explore the nation’s constitutional history and to connect it to today through civics education programs, engagement opportunities, and exchanges about America’s past, present, and future,” according to a statement from the organization.
The Richmond-based nonprofit center also announced Friday it has named Caroline Legros as its director of education and programs. In her newly created position, Legros will lead new and existing education and outreach programs. She was previously a member of the Institute for Contemporary Art’s education team, where she co-developed and launched ICA’s inaugural public programming.
“This work feels especially important at a time when so many of the issues being debated in the nation’s public square have roots in the rule of law and civic responsibility,” Legros said in a statement. “Offering a richer understanding of where our nation has been will better equip citizens to decide how to shape its future.”
Legros’ hire is part of a multiyear planning process led by Bryan & Jordan Consultants that will also focus on developing a national academic center, conducting a sustainability study of the foundation’s civics education program and securing permanent office and programming space.
The center is currently working to design advanced placement lesson plans related to Marbury v. Madison, which established the principle of judicial review, as well as lessons about the “400-year struggle for Black equality” in America, according to the statement.
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.
Home health care workers who served elderly people or those suffering from disabilities during the early months of the pandemic will receive a one-time $1,500 hazard payment from the state government, Gov. Northam announced Thursday.
Northam announced $73 million in federal CARES Act funding would be disbursed among an estimated 43,500 home health care workers who served high-risk patients on Medicaid between March 12 and June 30.
“Home health care workers are often unseen, unsung and underpaid, but they do the vital work of caring for vulnerable Virginians,” Northam said in a statement. “Their jobs put them at higher risk during this pandemic, and this hazard payment is a way we can acknowledge that they put themselves in harm’s way to help others. I want to thank our home health care workers for the work they do every day to keep people healthy.”
The state budget that took effect July 1 also included a 7% pay raise during the next two years for home health care workers and the Department of Medical Assistance Services (DMAS) is working to provide home health care workers with additional personal protective equipment.
“The majority of home health care workers are women, and women of color, providing critical health services for low pay,” state Sen. Louise Lucas (D-Portsmouth), chairwoman of the Senate Education and Health Committee, said in a statement. “This hazard payment acknowledges the essential work that they do and the risks they took especially in the early months of the pandemic, when less was known about this virus. It is one way we can show appreciation to the people who do such important work.”
DMAS, which oversees Virginia’s Medicaid program, will work with providers to administer hazard payments to eligible workers.
“Home health care workers have been on the front lines of the pandemic, working every day to keep our community safe,” David Broder, president of Service Employees International Union Virginia 512, which represents personal care attendants, said in a statement. “This hazard pay recognizes their essential work. It’s an important investment that will support families and keep overall costs down for our health care system.”
McLean-based telecommunications company GTT Communications Inc., which provides high-speed internet and cloud networking services to more than 144 countries, announced Friday it will sell its infrastructure division to Miami, Florida-based I Squared Capital for $2.15 billion.
Under the definitive purchase agreement, I Squared Capital would obtain GTT’s Pan-European, North American, subsea and transatlantic fiber network and data infrastructure service business. The acquisition will specifically include three transatlantic subsea cables, a 103,000-route kilometer fiber network, 14 Tier 3 data centers and more than 100 colocation facilities.
“The divestment of the highly differentiated infrastructure division assets will ensure greater focus on network investment and development of high-speed infrastructure services under the more specialized ownership of this experienced investor,” GTT interim CEO and Chief Revenue Officer Ernie Ortega said in a statement. “The deal enables GTT to reinforce its capex light business model as well as its cloud networking focus and will benefit both enterprise and infrastructure clients alike.” Ortega took over in early June when Richard D. Calder, who had been president and CEO since 2007, left the company.
Founded in 1998, GTT specializes in Tier 1 internet network and cloud networking services. The company reported revenues of more than $1.72 billion in 2019.
“Now more than ever, digital infrastructure is an essential asset class as societies across the globe rely heavily on high-speed digital bandwidth,” Gautam Bhandari, managing partner at I Squared Capital, said in a statement. “This acquisition builds upon I Squared Capital’s overarching global digital infrastructure strategy and experience with complex carve-outs to expand the reach of our platforms across Asia, Europe and North America.”
With all required regulatory approvals, the acquisition is expected to close during the first half of 2021, according to GTT Communications.
Credit Suisse and Goldman Sachs are the financial advisers and Goodwin Proctor LLP is serving as legal adviser to GTT Communications during the transaction. Morgan Stanley acted as financial adviser and Rothschild as debt adviser to I Squared Capital. Solon served as commercial and technical adviser and KPMG served as tax and accounting adviser. Linklaters served as legal adviser and Latham & Watkins served as borrower’s counsel.
Northern Virginia Realtors saw a 58% increase, or nearly $1.5 billion, in the amount of real estate sold in September compared to the same time period last year, according to the Northern Virginia Association of Realtors (NVAR). The NVAR service area covers Fairfax and Arlington counties and Alexandria, Fairfax and Falls Church.
“This is a truly staggering sales volume for one month and speaks to the favorable market conditions in Northern Virginia,” NVAR President Nicholas Lagos, associate broker with Century 21 New Millennium, said in a statement. “The Northern Virginia real estate market produced yet another strong sales month for September, with the pace of sales continuing to eclipse activity during the same time period in 2019.”
Thanks to a decreased level of homes for sale, increased buyer demand and a seller’s market, homes sold an average of 38% faster than last year in September, NVAR President-elect Derrick Swaak, managing broker with TTR Sotheby’s International Realty, said in a statement.
“Buyers are competing for a limited supply of homes for sale, often agreeing to drop contract contingencies or to include escalation clauses against other offers,” Swaak said in a statement.
Although the market continues to do well, a slight slowdown is anticipated for the fall as more listings hit the market, according to NVAR.
“This is particularly true in the upper end of the market for single-family homes over $2 million and condos priced above $1 million, where inventory has entered a more balanced [market] or possibly even a buyer’s market,” Swaak said in a statement.
All NVAR service areas showed an increase in the average home sales price, with the average reaching $690,981 in September, a 15% increase compared to the same time last year.
“September market activity speaks to the resilience of our region,” NVAR CEO Ryan McLaughlin said in a statement. “According to the Chmura COVID-19 Economic Vulnerability Index, Fairfax County’s 78.56 score places the largest segment of our NVAR region well below average when it comes to the negative impact that the coronavirus crisis can have on employment.”
Virginia Beach-based real estate developer The Breeden Co. announced Tuesday that Brenda Karp, Breeden Realty vice president, was appointed to the Commercial Real Estate Women (CREW) Network Foundation board of directors.
The CREW Network is a professional association for women in the real estate profession, and its foundation works to bring more women into the industry through programming and mentorship. Karp has been involved with CREW Richmond for 18 years, most recently serving as the immediate past president.
As a member of the CREW Network Foundation Board of Directors, Karp will be responsible for promoting fundraising efforts including individual donations, special chapter fundraising events as well as supporting career outreach programs.
CREW Network supports 12,000 members worldwide in more than 75 markets through networking, leadership development, industry research and career outreach.
Virginia continued to see a small decline in the number of initial jobless claims last week, the Virginia Employment Commission reported Thursday, and the number of continued claims filed during the week ending Oct. 10 was nearly two thirds lower than its May 16 peak.
For the week ending Oct. 10, 9,110 Virginians filed initial claims for unemployment, a decrease of 1,733 from the previous week, continuing the overall trend of lower claims volumes seen in recent months following April’s peak, according to the VEC.
Last week, 142,220 Virginians remained unemployed. This is an 11.5% decrease from the previous week, but 125,354 higher than the 16,866 continued claims from the same period last year. People receiving unemployment benefits through the VEC must file weekly unemployment claims in order to continue receiving benefits.
“This drop indicated an acceleration of its recent declining trend,” according to the VEC. “The continued claims total is mainly comprised of those recent initial claimants who continued to file for unemployment insurance benefits during the COVID-19pandemic.”
The regions of the state that have been most impacted continue to be Northern Virginia, Richmond and Hampton Roads.
Below are the top 10 localities, listed by number of initial unemployment claims, for the week ending Oct. 10:
Fairfax County, 616
Prince William County, 582
Virginia Beach, 494
Richmond, 456
Norfolk, 360
Chesterfield County, 235
Newport News, 192
Henrico County, 191
Loudoun County, 178
Portsmouth, 177
Nationwide, the advance figure for seasonally adjusted initial claims for last week was 898,000, an increase of 53,000 from the previous week’s revised level, according to the U.S. Department of Labor. There were 201,677 initial claims during the same week last year.
The 2020 coronaviruspandemic and economic crisis is spelling an end to Virginia’s decade-long streak of record-breaking tourism revenues.
Although Virginia’s tourism industry had another record year in 2019, posting $27 billion in spending, the commonwealth’s tourism revenue for 2020 is expected to decrease by $10 billion, a 37% drop compared to last year, according to the Virginia Tourism Corp.
“The coronavirus pandemic put the travel and tourism industry in crisis, and imposed a devastating strain on Virginia’s hotels, restaurants, attractions and communities,” says Virginia Tourism Corp. Director of Communications Caroline Logan. “As a result, and, unsurprisingly, early numbers for 2020 project a sharp decrease in tourism spending.”
In 2019, tourism in the commonwealth supported 237,000 jobs (a 0.9% increase from 2018) and generated $1.8 billion in state and local revenue (a 3.9% increase from 2018). Virginia ranked No. 8 in the nation last year for domestic travel spending, according to the Virginia Tourism Corp. Virginia’s tourism industry has set year-over-year revenue records since at least 2011, when the commonwealth’s annual tourism spending revenues first topped $20 billion.
“Travel and tourism play an indispensable role in our economy, and 2019 year was another impressive growth year for Virginia,” Gov. Ralph Northam said in a statement. “While we celebrate this record-breaking success, we must also acknowledge the immediate and damaging impacts of the pandemic on tourism, which will be reflected in the numbers next year. We know that a revived tourism industry will be crucial to our overall economic recovery and we remain committed to helping it bounce back and emerge from this crisis even stronger.”
Through the week ending Oct. 3, travel spending loss in Virginia was reported to be $9.4 billion and there was a $436 million loss in total state and local tax revenues, says Logan.
“In the month of September alone, a loss of $894 million in travel spending was recorded when compared to same time last year,” says Logan.
Travelers spent $73 million per day in Virginia last year and the commonwealth’s travel industry has reported continued growth 10 years in a row.
“The Virginia is for Lovers brand is highly recognizable and will be vitally important to bringing back travelers who have retreated due to the health crisis,” Virginia Tourism Corp. President and CEO Rita McClenny said in a statement. “I truly believe that it is travel that will help us move forward again as a commonwealth and as a country when this pandemic has passed. But we must give this industry the tools they need to survive now in order to come out on the other side. Virginia Tourism and the power of the Virginia is for Lovers brand can help do that. And we must.”
The Virginia Tourism Corp. has taken a variety of marketing approaches during the pandemic including the “We’ll Be Waiting for You,” and “WanderLove” campaigns. Northam has also awarded more than $866,000 in grants to 90 destination marketing organizations through the WanderLove Recovery Grant Program that launched in June.
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