With a pair of acquisitions, together with the property management arm of a prolific Petersburg developer, Richmond-dependent Dodson Cos. is rising its activity in the Tri-Cities though also extending its achieve to Northern Virginia.
The genuine estate organization introduced Tuesday that it has acquired Plum Street Companions, the home management division of developer Dave McCormack’s Waukeshaw Progress, as very well as Patriot Qualities, a administration business based in the vicinity of Leesburg.
The promotions shut Nov. 15 and Nov. 1, respectively. Conditions had been not disclosed.
The Patriot acquisition incorporates management of 175 single-relatives qualities and 3,300 multifamily units in 35 communities that Patriot managed by its home-owner affiliation (HOA) management division.
Plum Road managed 398 multifamily units that are now portion of Dodson’s portfolio.
Operator Duke Dodson said the offers deliver his company into new territory whilst also circling it back again to its roots in Petersburg.
“One of my very first clients back again in the day when I started off the corporation in 2007 was down in Petersburg, so we’re familiar with the industry,” Dodson mentioned, including that the corporation at the moment manages about 1,000 units there.
Dodson explained the Patriot deal came about through connections made concerning the two businesses at sector situations around the yrs.
“When the sellers of Patriot resolved they wished to sell, they attained out to us, and we mentioned it and labored out a deal,” he mentioned. “We’d been seeking to expand north of Fredericksburg into Northern Virginia, and this was a fantastic chance for that.”
The acquisitions are the newest on the residence management facet for Dodson, which earlier picked up Polaris Home Management in Sarasota, Florida, in mid-2020.
“Our development prepare is fundamentally Virginia to Florida,” Dodson mentioned. “We’d like to proceed to join the dots among below and Florida.”
With Plum Road, Dodson reported he’d listened to that McCormack was interested in providing that element of his corporation so he could aim additional on serious estate advancement.
Months ahead of the deal, McCormack’s Waukeshaw Advancement extra to its workload in Petersburg with its $3 million order of the previous Virginia Trunk & Bag Co. manufacturing facility properties on Wythe Avenue.
“I’m a major lover of Dave McCormack. I imagine he’s a inventive genius, done a good deal of genuinely interesting jobs, so we search ahead to partnering with him in the foreseeable future as he continues to create more stuff,” Dodson explained. “We’d enjoy to regulate it.”
McCormack said Dodson was picked more than other possible potential buyers when his crew determined the time was proper to unload Plum Avenue.
“We commenced our own house administration organization in Petersburg about 15 several years ago due to the lack of high-quality possibilities downtown. So a lot has altered listed here in the last couple decades, and we felt it was time to hand that off and aim on our main authentic estate organization,” he mentioned. “We vetted various administration corporations but felt that Dodson was the most effective suit professionally and personally.”
Waukeshaw-owned qualities included in the offer incorporate the 73-unit Bosco residences in Petersburg, and the 50-unit Hopewell Lofts in Hopewell.
Management of just one of Waukeshaw’s previously jobs, the 223-unit Mayton Transfer Lofts, is also part of the acquisition. Now owned by Funds Sq., which procured it 3 many years in the past for $21 million, the house also supplies a link to that business, Dodson reported.
“Through these acquisitions occur great associations, like the Dave McCormacks of the environment. Buying up a great client like Cash Square is a big deal for us,” he said.
Dodson mentioned these most recent bargains enhance the company’s team count from 127 to about 150. According to a release, the organization manages about 5,220 solitary-household homes and apartments in Central and Northern Virginia, and far more than 8,000 units beneath its association management division, which has extra than doubled its homeowner doorway count more than the earlier year.
The enterprise said just about a quarter of its administration portfolio is made up of decrease-cash flow rental housing.
The company’s commercial division manages 2.3 million sq. toes, up from 1.7 million sq. ft at the conclude of 2020.
In Richmond, Dodson not too long ago picked up a contract with the Bookbindery Setting up at 2201 W. Broad St., introducing its nearly 63,000 sq. toes to its professional management portfolio. The division also has included 64,000 sq. ft of flex industrial area in Virginia Seashore.
Before this calendar year, the corporation added to its Richmond genuine estate holdings with its $3.22 million invest in of the 23-unit Morton’s Apartments downtown. The company also acquired the nearby Atrium on Wide setting up for $4.8 million in February.
Meanwhile, the company is progressing on its $25 million mixed-use advancement underway in Colonial Beach. Design has begun heading vertical on the project’s very first period, which will include 11 townhomes, 12 single-household households, a pool and a putting eco-friendly. The multi-section enhancement is prepared to also involve a lodge, business office and retail space adjacent to Colonial Beach’s City Hall.