A fledgling law firm from Capitol Hill is putting down roots in downtown Richmond.
Innovista Law, a three-attorney firm that was started in Washington, D.C., in September, has leased a space at 115 E. Broad St. that it plans to turn into its new home base later this year.
Founded by attorneys Joseph Bowser and David Carter, Innovista is still in the process of setting itself up to practice in Virginia. Bowser and Carter studied law at the University of Virginia and William and Mary, respectively.
Bowser said they were drawn to Richmond by the local business scene, particularly the area’s entrepreneurial firms.
“It just ticked a lot of boxes for us; we’re a telecommunication and technology-based law firm, practicing for entrepreneurs,” Bowser said. “Richmond has a developed entrepreneurial scene.”
Dodson Property Management plans to add 100 homes and apartments to its property management portfolio in July when it buys a Fredericksburg company.
Buying the undisclosed company will give Dodson Property Management a total of 1,650 units: 1,600 residential and 50 commercial units in the Richmond, Williamsburg and Fredericksburg areas, co-owner and company founder Duke Dodson said.
Duke Dodson founded Dodson Property Management in 2007. It manages 1,650 units in Richmond, Williamsburg and Fredericksburg areas. Follow the link to continue reading...
"Two local bartenders will soon be dishing out more than drinks.
Eric Truitt and Bobby Covert are preparing to open Monument City Coffee & Records, which will sell coffee and espresso, sandwiches, bagels, beer, wine, and new and used vinyl records." Click link to read more
Led to other opportunities by a soft market, Realtors are starting to appreciate property management’s business potential based on its own merits.
“I think when the market started turning in 2007 and 2008, a lot of folks entered the industry by necessity because they weren’t selling enough houses,” said Duke Dodson, president of Richmond-based Dodson Property Management.
But without past experience or professional guidance, Dodson said, “whenthings go wrong, those Realtors were exposed that they didn’t know what they were doing.”
Dodson was a featured speaker Wednesday at the Property Management Coalition Conference, which drew about 225 people to theDoubleTreehotel in AlbemarleCounty.
Brad Conner of Montague Miller & Co., one of the local Realtors in attendance, said his growing interest in property management sprang from “the amount of potential business.” The conference, he said, represents a chance to get firsthand professional guidance.
With several large-scale student-oriented projects recently launched or under development, the Charlottesvillearea is on track to gain hundreds of residential units in the next few years.
Having founded his company in 2007, Dodson now manages more than 1,100 units in the Richmondarea.
“Back in the day, all property management companies were mom-and-pop shops,” Dodson said. “But now with the technology we have, you can grow a company a lot faster. You can grow it more efficiently. It’s more popular now than it was five years ago.”
Dodson reminded the group that technology, especially social media, can work against company objectives.
“I wouldn’t even waste the time unless you’re going to do it right,” Dodson said of social media.
The same holds true for the fundamentals of property management, Dodson said. Gladys Fain, the director of property management at Prudential Towne Realty in the Hampton Roads region, agreed.
Fain, who has decades of real estate and property management experience, said some Realtors aren’t prepared — or quickly realize they would rather not deal with — the day-to-day issues that come with managing an occupied property.
“I think because of the economy … people are looking to save that management fee, but in doing so, some that don’t know what they’re doing then get themselves in trouble,” Fain said.
Regardless of why they’re interested, Dodson said, the industry outlook is good.
“It’s been a good business to be in the last five years, and I think it’ll continue to be for a while,” Dodson said.
Produced in partnership with the Virginia Association of Realtors and three other organizations, the conference, which is in its 10th year, continues through Friday.
A local property management company has bulked up its portfolio with an acquisition.
Dodson Property Management acquired Mechanicsville-based Property Managers of Virginia in a six-figure deal that closed last week. The purchase will add 93 single-family homes to Dodson’s stable of properties.
“We had been looking to grow by acquisition over the past few years,” said Duke Dodson, president of Dodson Property Management. “They’re looking to retire, and they contacted me a few months ago.”
Dodson Property now manages about 1,170 small homes and apartment buildings, including the Baker Atrium Lofts in Scott’s Addition and the Bellevue Gardens complex on Chamberlayne Avenue.
Virginia is for lovers, but Richmond is for renters.
The city made a Kiplinger ranking of the 10 most affordable big cities for renters.
Richmond was No. 10 in an online ranking by the Washington-based publisher of business forecasts and personal finance advice.
“Our top 10 cities exhibit an appealing combination of affordable living expenses, including rent, relative to the typical earnings of renters,” the site said.
The ranking on Kiplinger.com looks at rental rates, rental vacancies and the household incomes of renters.
It is based on the premise that homeownership isn’t for everyone.
Young adults in particular don’t have the money for a down payment on a house, Kiplinger said. Besides, many like the flexibility of renting, which makes it easy to move across town for a better apartment or job.
Regarding Richmond, Kiplinger said “there is a big initiative to bring more affordable housing, including rental units, to the River City, largely because of more Gen Y residents who are moving to the area. With a renter population of 31.1 percent and an average monthly rent of $883, Richmond has the second-highest residential-rental vacancy rate among our top 10 cities.”
Fresh off an acquisition, a local property manager will become his own landlord.
Duke Dodson, owner of Dodson Property Management, purchased a three-floor downtown office building at 409 E. Main St. last week for about $1 million.
Dodson Property Management, which will relocate to the top floor of the 23,000-square-foot building and rent out the remainder in divided parcels aimed at small business, a leasing trend Dodson said he’s seen in other buildings.
“We had big suites that were sitting there empty and couldn’t get anyone to lease them,” Dodson said. After the spaces were broken into smaller chunks “they flew off the shelves,” he said.
The acquisition of the property closed Aug. 16, and Dodson now owns the building along with Urban Core Development owners Andy Beach and Jeff Bunch, and Doug and Polly White of Whitestone Partners.
Dodson, which manages a stable of more than 1,100 properties, has a $750,000 renovation planned for the building. Amenities will include a cafe and an exercise room, as well as shared conference rooms and rentable storage space.
An 85-year-old former bank building on East Grace Street is getting a makeover.
A developer purchased 306 E. Grace St. and will turn it into 10 apartments with 2,600 square feet of ground-floor retail space.
The 16,000-sqaure-foot building sold for $495,000 in a deal that closed Nov. 28. Duke Dodson and Josh Romano of Dodson Properties represented the buyer, 306 Grace LLC. Dodson would not say who the principal of the LLC is.
Dodson said the development, including the purchase price, will cost almost $1.9 million and should be complete in May. The developer will pursue historic tax credits on the project. Monument Construction will handle the renovation.
Scott Boyers, a broker with CBRE, represented the seller, Nicholas Roupas, whose family owned the building for more than 40 years.