Portsmouth
Real Estate
Norfolk’s shortage of affordable housing is growing. Study recommends trust fund.
NORFOLK — For the second time in eight years, a comprehensive housing study has yielded the recommendation for Norfolk to start a housing trust fund in order to create and preserve more affordable housing. But City Council members didn’t enthusiastically jump at the idea. Instead, they had some other thoughts on how to bring down the cost of living in the city. “Your challenges far outweigh ...
Hampton Roads home sales drop, rents continue to climb
Hampton Roads home sales dropped last year as buyers faced higher prices because of higher mortgage rates and a low number of homes on the market. Renters also found little relief in 2023 as rents continued to climb. “This year was challenging. No doubt about it,” J. Van Rose Jr., executive chairman of Berkshire Hathaway HomeServices RW Towne Realty, told attendees of the Hampton Roads Real ...
Old Dominion University set to host annual Hampton Roads Real Estate Market Review & Forecast
NORFOLK, Va. — Industry leaders will meet Wednesday to discuss the state of the real estate market in Hampton Roads. The annual Hampton Roads Real Estate Market Review & Forecast comes as the prospect of homeownership remains elusive for many people. According to NerdWallet, the current interest rate for...
Lovett Industrial and Heitman Acquire Industrial Park in Chesapeake, VA
NORFOLK, Va.--(BUSINESS WIRE)--Feb 29, 2024-- Lovett Industrial, the Houston-based real estate investment firm, in partnership with an affiliate of Chicago-based Heitman LLC (“Heitman”), a global real estate investment management firm, have acquired an approximate 720,000 square foot portfolio of industrial buildings in the urban core of Norfolk VA. Known as the Diamond Hill Distribution Center, the portfolio includes four buildings that are currently 100% leased at well below market rates, in a submarket with high barriers to entry.
Local Stuart Gardens Apartments to Benefit from $73.5 Million HUD Funding for Safer, Climate Resilient Housing
The U.S. Department of Housing and Urban Development (HUD) has allocated $73.5 million in loans and grants. This is part of the Green and Resilient Retrofit Program (GRRP). The funds are part of President Biden’s Investing in America agenda. They will support energy efficiency and climate resilience renovations for low-income Americans. The money will be used to improve safety, efficiency, and resilience to climate change at 10 HUD-assisted multifamily properties. These properties house about 1,400 low-income families, including 44 homes for low-income seniors.
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