New property management contract showcases company’s diversification into the multifamily market.
NEWTOWN SQUARE, PA — January 28, 2013 — Balfour Beatty Communities, LLC, a leading provider of property management, development and related real estate services for the multifamily, military and student housing markets, has assumed management of the Carriage House Townhomes, a multifamily property located in ‘The Fan’, a historic area of Richmond adjacent to Virginia Commonwealth University. The new management contract reflects Balfour Beatty Communities’ push to diversify its portfolio further into the multifamily market throughout the U.S.
Carriage House Townhomes, located at 728 West Marshall Street, Richmond, Virginia 23220, is a three-story, street walk-up design with 40 units/160 beds and garage parking. The 10-year-old property also includes a historic carriage house that has been architecturally incorporated into the building design and serves as the community management office. The Townhomes are within walking distance to the many shops and restaurants on historic Broad Street.
Balfour Beatty Communities has been contracted to deliver comprehensive property management services, including marketing, leasing, facility management and accounting. As part of the transition, the company has deployed expert teams to coordinate the onboarding/training of new associates, market analysis and other enhancements designed to overcome a locally competitive student market and historically challenged occupancy.
"Balfour Beatty Communities is very pleased to add Carriage House Townhomes to our multifamily portfolio," said Holly Costello, Vice President, Multifamily Operations for Balfour Beatty Communities. "With an exceptional team and the significant expertise and resources of our national organization, we are poised to deliver the highest level of service and value for both our client and residents."