Richmond-Hampton Roads
Upscale Demand Boosts Rent Growth in Richmond
After trailing the U.S. average throughout the current cycle, the metro’s rent growth reached 2.6 percent as of December, bucking the national trend during 2017’s fourth quarter.
Walker & Dunlop Secures $34M HUD Loan for VA Community
Dwight Dunton III of Bonaventure Realty Group and Philip Roper III bought Meridian Parkside in 2016. The financing will be used to pay off a portion of the ownership’s assumed debt.
Aurelie Capital Spends $20M in Richmond
Millspring Commons, a 159-unit community in Virginia, is the new private equity firm’s first acquisition. The company plans to add value by finishing a renovation program started by the previous owner.
Hunt Obtains $23M Financing for VA and MD Assets
The company provided an acquisition loan for the 176-unit Trellis at Lee’s Mill Apartments in Newport News, Va., as well as a refinancing loan for the 162–unit Hickory Hill Apartments in Frederick, Md.
Value-Add Portfolio Trades in Norfolk, VA
The five-community portfolio offers 124 units and easy access to the beach. The buildings are located near several planned projects in the Ocean View area.
Fulton Hill Properties Breaks Ground on Richmond Project
Artisan Hill will be a 204-unit community adjoined by an artists’ gathering place. The development, located at 1000 Carlisle Ave., near several parks and trails, is slated for completion in 2019.
High-Paying Jobs Add to Upscale Demand in Richmond
Although overall employment growth is tepid and continues to trail the national rate, the metro’s economy is slowly but steadily diversifying, drawing investors and large projects.
Hunt Mortgage Facilitates Acquisition Loan for VA Property
The company worked on behalf of Thalhimer Stratford to secure financing for the purchase of Stratford at Williamsburg, a 156-unit apartment community in Williamsburg, Va.
Berkadia Secures $96M for PA, VA Properties
The company’s HUD team secured financing for three properties: $67.1 million for two properties in Philadelphia, the largest HUD 223(f) loans originated in the area in the last five years, and $29.1 million for a property in Richmond, Va.
Pillar Provides Freddie Mac Loan for Richmond Community
The company originated a $10.4 million, 7-year loan for the acquisition of a 348-unit community located in the Bellwood. The asset has an occupancy rate of 97.4 percent.