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Real Estate

A rendering of the first phase of the Somos at McLean Metro project. Rendering courtesy SCG Development.
Apr 3, 2024

231-unit affordable housing development coming to McLean

Construction will begin immediately on the 231-unit first phase of an affordable housing development in McLean backed by Amazon.com, SCG Development announced Wednesday. Located at 1750 Old Meadow Road, Somos at McLean Metro will be developed in two phases. In the first phase, Tysons-based SCG Development will demolish an abando[...]

Battlefield Shops, located at 1508 Sam’s Circle in Chesapeake. Photo courtesy S.L. Nusbaum Realty
Mar 29, 2024

Chesapeake strip mall goes for $3.15M

A 7,800-square-foot retail strip center in Chesapeake sold for $3.15 million, according to a March news release from S.L. Nusbaum Realty. Located at 1508 Sam’s Circle, Battlefield Shops has five tenants. It is shadow anchored by Walmart, Sam’s Club, At Home and Dollar Tree stores. Battlefield Freedom Wash sold the property t[...]

1314 and 1318 Little Bay Ave. in Norfolk. Photo courtesy Marcus & Millichap
Mar 29, 2024

Norfolk apartments are sold for $3.1M

A 20-unit apartment property in Norfolk sold for $3.1 million on March 20. Located at 1314 and 1318 Little Bay Ave., the property has 20 one-bedroom units that are each 600 square feet. The units were built in 1970. Tidewater View sold the property to Nouveaux Little Bay. Justin Ferguson, Altay Uzun, Theo Jolley and […]

A Days Inn in Salem. Photo courtesy Marcus & Millichap
Mar 29, 2024

Hotel in Salem changes hands for $3.1M

A Days Inn in Salem sold for $3.1 million on March 26. Located at 1535 E. Main St., the two-story hotel has 70 rooms. It was built in 1974. Evergreen Hotels purchased the property from Devkison LLC, according to property records. Milin Mehta, Chase Dewese, Jack Davis and Joce Messinger with Marcus & Millichap’s Charlotte [[...]

Effingham Green Condos in Portsmouth. Photo courtesy Marcus & Millichap
Mar 29, 2024

Apartment buildings in Portsmouth sell for $2.4M

A 17-unit apartment property in Portsmouth sold for $2.4 million, Marcus & Millichap announced Tuesday. Built in 1987, Effingham Green Condos has 17 two-bedroom, one-bathroom units across two buildings on 2 acres. The property is located at 1007 Green St. Capps Equity sold the property to Nouveaux Effingham. Justin Ferguson,[...]

Historical February home sales in Virginia. Image courtesy Virginia Realtors
Mar 29, 2024

Va. housing market picks up in February

The pace of sales in Virginia’s housing market picked up in February, increasing 3.5% over February 2023, according to Virginia Realtors data released Tuesday. In February, there were 6,733 home sales in the commonwealth, 228 more sales than this time last year. At the end of the month, there were 16,004 homes on the market, [[...]

Mar 25, 2024

HHHunt starts work on 2,200-home development in Midlothian

Construction has started on a new master-planned community in Chesterfield County’s Midlothian area that will bring hundreds of single-family homes, town houses, apartments and commercial space. Glen Allen-based developer HHHunt and real estate investment firm GrayCo are developing The Aire at Westchester. The 334-acre tra[...]

Mar 25, 2024

Pembroke Square starts phase 2 of mall redevelopment

Pembroke Square will begin the next phase of demolition Monday on the former Pembroke Mall in Virginia Beach, as part of a $200 million mixed-use redevelopment project. The roof and columns of the mall’s structure will be removed at the northeast entrance, north of Kohl’s on the Constitution Drive side of the former [...]

Mar 22, 2024

JBG Smith pledges 1,000 affordable housing units if arena passes

Developer JBG Smith pledged Friday to preserve 1,000 workforce-affordable housing units in Alexandria near the proposed sports arena and entertainment district, up from its previous promise of 500 units — upping the ante on the controversial project, which has one more chance to succeed this year. The $2 billion public-private[...]

Mar 18, 2024

Va. real estate industry weighs in on $418M Realtors settlement

UPDATED MARCH 21, 2 P.M. A landmark, $418 million proposed court settlement from the National Association of Realtors over allegations of a conspiracy to boost agent commissions could have seismic implications for the residential real estate industry, with some national experts going so far as to call it one of the biggest chang[...]

February market statistics in Northern Virginia. Image courtesy Northern Virginia Association of Realtors
Mar 15, 2024

Home sales, prices up in NoVa, Hampton Roads, Central Va.

The Northern Virginia, Hampton Roads and Central Virginia housing markets showed positive trends last month, with month-over-month and year-over-year increases in home sales and median sales prices. Northern Virginia Northern Virginia home sales in February grew 2.2% from February 2023, marking the first year-over-year growth in[...]

Mar 12, 2024

Fed’s Fifth District economy stays the course

Economic activity in the Federal Reserve’s Fifth District was little changed in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released March 6. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions gathered from the nation’s 12 Feder[...]

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