Balfour Beatty Expands to Richmond Market with Management Contract at VCU

Richmond, Va.— The firm will deploy initiatives to overcome historically challenged occupancy and competitive student market.

Richmond, Va. — Balfour Beatty Communities has begun a new management contract at the Carriage House Townhomes located in "The Fan," a historic area adjacent to Virginia Commonwealth University. According to the company, this contract represents a push to diversify its portfolio further into the multifamily market. The 160-bed, 10-year-old walk-up includes a historic carriage house that serves as the management office.

 

Balfour Beatty Communities has been contracted to deliver services that include marketing, leasing, facility management and accounting. As part of the transition, the company has deployed teams to coordinate the onboarding and training of new associates, market analysis and other initiatives designed to overcome a locally competitive student market and historically challenged occupancy.

 

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