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The Hampton Roads multifamily market posted extremely tight vacancy conditions in the second quarter, signaling the overall health of the market. Rents rose and per-unit sales prices pushed higher.
Vacancy dipped 40 basis points during the second quarter, with the rate reaching 2.6 percent. Year over year, vacancy has fallen 160 basis points.
Rent growth surged in the second quarter. Rents are up 10.9 percent year over year. Asking rents reached $1,310 per month at midyear.
Sales of apartment properties continued at a steady pace in the second quarter. Prices have pushed higher in response to improving operating conditions. The median price reached approximately $112,000 per unit in the first half of this year, while cap rates compressed to 5 percent on average.
Operating conditions in the Richmond multifamily market improved during the second quarter. Vacancy rates tightened considerably, with absorption outpacing new supply growth. Rents rose and investment activity accelerated.
Vacancy fell 60 basis points during the second quarter, with the rate dipping to 4 percent. Area vacancy is down 130 basis points year over year; the current rate is the lowest vacancy in the market in nearly 20 years.
Asking rents spiked 5.2 percent in the second quarter, reaching $1,324 per month. In the past year, rents in the area have pushed up 9.9 percent.
Sales activity gained momentum in the second quarter, fueled by improving property fundamentals. Cap rates have compressed, averaging 4.9 percent year to date, while the median price reached approximately $129,900 per unit.
RICHMOND, VIRGINIA (March 29, 2021) — NorthMarq’s Richmond investment sales team of Mike Marshall, managing director, Wink Ewing, managing director, and Ryan Rilee, associate, was recognized in the Mid Atlantic Real Estate Journal’s The Best of 2020 issue. The team received awards for “The Largest Multifamily Sale of 2020 (see the full release on the $167 million sale) as well as earning a spot as a team in the “Top Mortgage Brokers of 2020” category.
The “Best of 2020” awards companies/brokers with large developments, major financial transactions, largest office, retail and industrial transactions, most unusual architectural & construction projects.
Better Housing Coalition receives 2020 Community Involvement Grant from NorthMarq’s Richmond office
MINNEAPOLIS, MINNESOTA (December 29, 2020) – NorthMarq’s Richmond office presented Better Housing Coalition (BHC) with a 2020 Community Involvement Grant. The organization is the Richmond region’s largest nonprofit community development corporation.
BHC provides free, voluntary support programs to residents living in a BHC rental community to help them achieve better academic, economic or health outcomes. They proudly serve nearly 2,500 residents in 16 communities throughout the metro Richmond area and have helped over 200 first-time homebuyers build family wealth. Their mission is that every person, regardless of economic status, should have access to quality housing choices. Their impact centers around better homes, better communities, and better lives.
“Those of us in the multi-housing industry have been fortunate to participate in one of the most resilient and well-performing asset classes in the US. It’s only fitting that we find a way to give back within our industry. We believe in BHC’s misson and support their leadership in the Richmond region.” said Keith Wells, managing director of NorthMarq’s Richmond office.
To deal with the Covid-19 pandemic, BHC formed a task force of representatives from across the organization to address concerns and take proactive steps in the interest of keeping its staff and residents healthy. They are taking precautionary measures as recommended by the Virginia Department of Health and the Centers for Disease Control. These measures include increased frequency of cleaning common areas, greater sanitizing of high-touch surfaces, and posting virus prevention posters in all bathrooms, kitchens, and community rooms. The organization has also installed a supply of tissues, hand sanitizers, and disinfectant wipes in the main office reception area, and all leasing offices.
“BHC is delighted to be the beneficiary of NorthMarq’s generosity and commitment to affordable housing in the Richmond, Virginia area. The global health pandemic has made clear that safe, stable housing is more important than ever, especially for limited-income families and seniors in our region. We appreciate NorthMarq’s investment in our mission,” said Stacie Birchett, vice president — external affairs.
In the third year of NorthMarq’s Community Involvement Grant program, the company has awarded grants to 18 non-profits in 16 cities. The program solicits nominations from each local office, and had an increase of 20 percent from 2019, with a total of 18 non-profits focused on affordable housing and reducing homelessness receiving these grants in 2020.
Richmond-Hampton Roads Q3 Multifamily Market Report: Transaction Activity Picks Up During Third Quarter
The Richmond-Hampton Roads, Virginia, market continues to record robust renter demand for apartments. Despite some economic volatility during the second quarter, current vacancies and rents are within recent ranges. Rent collections to this point have been consistent, closely tracking levels from one year ago.
During the third quarter, the local vacancy rate rose 10 basis points, reaching 4.6 percent.
Year over year, asking rents are up 3.5 percent, ending the third quarter at $1,141 per month.
The investment market accelerated in the third quarter. The median price in properties sold thus far in 2020 is $108,400 per unit, but in larger property sales, the median price is $116,000 per unit. Cap rates have averaged in the low- to mid-5-percent range in 2020.
NorthMarq expands Investment Sales platform into Mid-Atlantic region
MINNEAPOLIS, MINNESOTA (August 12, 2020) — NorthMarq’s multifamily investment sales platform continues to grow across the country, with the latest addition in the Mid-Atlantic region, covering the Washington, D.C. metro, Hampton Roads, and Richmond, Virginia markets. Wink Ewing and Michael Marshall joined NorthMarq as managing Directors with Ryan Rilee as associate vice president to form a new multifamily investment sales team. They will operate from the Richmond office and partner with NorthMarq’s existing debt and equity team led by Keith Wells, managing director.
Trevor Koskovich, president-Investment Sales, is leading the business expansion, which added six new offices to-date in 2020. “We targeted the Mid-Atlantic region because we knew that the debt and equity team was interested in this type of partnership. Once we identified Wink, Mike, and Ryan as our team, we knew we had found our next location for the platform’s growth.”
Marshall has more than 30 years of experience in the real estate industry, with 20 years in the multifamily investment sales business. He has completed the sale of over 50,000 apartment units, valued in excess of $7.0 billion. Ewing has cultivated many long-lasting relationships across the Mid-Atlantic markets, with more than 16 years of experience and more than $3 billion in transactions. They both joined NorthMarq after working for Newmark Knight Frank in the DC Metro and Richmond area.
Rilee brings more than 10 years of CRE experience, advising clients on everything from local sub-markets to national capital markets. He previously worked for One South Commercial in investment sales and with CBRE in asset services.
“NorthMarq was a clear choice with its strong debt and equity platform and the aggressive growth of the Investments Sales brokerage across the country. The corporate culture, along with the ability to structure a great team into the next real estate cycle, was very attractive for me and for our clients,” said Ewing.
The Mid-Atlantic office will offer investment sales coverage in conjunction with the other NorthMarq offices across the country to market multifamily assets and help clients identify the best financing structure. The NorthMarq platform now includes teams in 14 states, with more than $2 billion in transaction volume.
NorthMarq Capital’s Richmond office bolsters its production team with new vice president
RICHMOND (January 2, 2018) – NorthMarq Capital, a leader in financing commercial real estate throughout the United States, announced today that Reina Abboud has joined its Richmond office serving as vice president.
In her new role at NorthMarq, Abboud will be responsible for the origination, underwriting, marketing and closing of commercial real estate loans. These commercial real estate transactions involve both debt and equity solutions for clients, sourced through a variety of lending sources including life insurance companies, conduit lenders, agency lenders, commercial banks and credit unions.
Abboud comes to the Richmond team after serving as a financial analyst for Phillips Realty Capital, where she underwrote and successfully closed over 20 transactions that totaled over $230 million of debt and equity. Abboud earned her master’s degree in real estate finance and development from Georgetown University.
“We are very excited to have Reina join our team,” said Keith Wells, senior vice president/managing director based in NorthMarq’s Richmond office. “Her energy, intellect and fresh approach, combined with NorthMarq’s unmatched lending partners, will allow her to deliver ‘best in class’ innovative financing results to our clients.”