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Average US rate on a 30-year mortgage edges higher, ending a seven-week slide
The average rate on a 30-year mortgage in the U.S. edged higher this week, ending a seven-week slide that helped ease borrowing costs for home shoppers just in time for the spring homebuying season. The average rate rose to 6.65% from 6.63% last week, mortgage buyer Freddie Mac said Thursday, March 13. A year ago, […]
Feds to consider ‘compelling offers’ for real estate
The Trump administration’s push to sell federal office buildings across the nation appears to be far from dead. A revised version of the “non-core” federal properties list is being prepared, a spokesperson for the General Services Administration, the federal property management agency, stated on Monday. “We anticipat[...]
Hitt acquires Central Consulting & Contracting
National commercial general contractor Hitt announced Tuesday that it has acquired health care construction firm Central Consulting & Contracting. Headquartered in Falls Church, Hitt Contracting provides commercial construction services throughout the country, including complex core and shell buildings, renovations, interior[...]
231-unit apartment complex near U.Va. slated to open in 2027
Work began in mid-February on Blume on Ivy, a 231-unit apartment building on Ivy Road, near the University of Virginia’s School of Data Science. The project is being developed by Up Campus Student Living, a Chicago-based investor, developer and manager of student housing and campus-area real estate. It’s slated to op[...]
Timmons Group opens Roanoke office
Timmons Group has opened an office on Norfolk Avenue in Roanoke, according to a Thursday announcement by the engineering, design and technology services firm, which has headquarters in Chesterfield County. Timmons has 20 offices, including the new Roanoke office and its headquarters, located across Virginia, North Carolina, Mary[...]
CoStar completes $1.6B acquisition of Matterport
Arlington County-based real estate data and analytics company CoStar Group announced Friday that it had completed the acquisition of Sunnyvale, California-based 3D digital twin technology company Matterport. CoStar says the $1.6 billion acquisition, which was announced last year, will allow the company to accelerate the adoption[...]
Real Estate and Construction: Stagnant with some silver linings
Realtors slogged through another sluggish market in 2024. Pollyanna types will point out that the commonwealth did see 4,000 more home sales in 2024 than in the previous year, according to Virginia Realtors data. On the other hand, the 102,509 homes that sold in Virginia in 2024 were down 18.8% from 2019 sales. Mortgage rates r[...]
Charlottesville-area apartment complex sells for $57M
A 324-unit apartment complex just outside Charlottesville has sold for $56.75 million. Tysons-based Willow Creek Partners sold the property, Barracks West Townhomes & Apartments, to West End Capital Group, according to a Feb. 14 news release from commercial real estate brokerage KLNB, which arranged the sale. Willow Creek Pa[...]
Iron Mountain plans $1B data center campus in Henrico
Boston-based Iron Mountain has acquired a 66-acre site in Henrico County with plans for a major data center campus, the Greater Richmond Partnership announced Tuesday. Henrico Economic Development Authority Executive Director Anthony Romanello says Iron Mountain’s campus in White Oak Technology Park will house four data ce[...]
Norfolk eyes two former school sites for development
The Norfolk city government is soliciting help to figure out how to transform two former school sites into significant assets that generate tax revenue. The city government has sent out two Requests for Information asking professional real estate development firms to provide insights on how it should develop the former Coronado [...]
