Demand for Leasing and Property Management Services to Rise in Richmond, VA

Richmond BizSense reports this morning several more multi-unit apartment developments that are in the works for the downtown Richmond area that will effect the richmond, va real estate market. This will continue to drive rents and rent concessions, and tenants will likely benefit. Owners of single family rentals will still likely maintain strong demand as higher end tenants will still seek homes over apartments. But, in general, it means that property managers and residential leasing brokers, which Snipes Properties is the area leader, will continue to see strong demand for their services.

City & Guilds bought the 13,095 square foot building at 2700 Idlewood Avenue from Richmond Redevelopment and Housing Authority for $1.05 million.

Harrison and Harrison LLC purchased .11 acres of land from Diane E. Rife for $200,000 and .58 acres from Lexline for $700,000 at 2019 and 2021 E. Broad St. in Richmond for the purpose of building a 78-unit apartment complex.

Gilbane Development Company purchased 1.04 acres at 8 ½ W. Canal Street in Richmond from Old Monroes, LLC for $2.25 million. The buyer plans to build 160 apartment units on the site.