Balfour Beatty Communities Expands into Richmond Market: Assumes Management of Carriage House Townhomes in Historic Fan District

New property management contract showcases company’s diversification into the multifamily market

NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)--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.

“Balfour Beatty Communities is very pleased to add Carriage House Townhomes to our multifamily portfolio”

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."

About Balfour Beatty Communities

Balfour Beatty Communities, LLC is a diversified real estate services company delivering development, design, financing, construction, renovation, property and facilities management services in the multifamily, student and military housing sectors. A leader in the industry, Balfour Beatty Communities has more than 37,000 residential units and $5.5 billion in real estate assets under management and has developed or renovated more than 27,000 units with a total value of close to $4 billion. Headquartered outside Philadelphia, PA, Balfour Beatty Communities has more than 1,100 employees and is a subsidiary of Balfour Beatty Investments, Inc.

Balfour Beatty Investments is part of Balfour Beatty plc, a global leader in professional services, construction services, support services, and infrastructure investment, with more than $18 billion in annual revenues.