Chestnut Manor in Salem, Virginia, sold to local partnership

Chestnut Manor, a historic 40-unit apartment complex located at 231 Chestnut Street in Salem, Virginia, has sold to a local partnership for $1,070,000.  The new owner is listed as 231 Chestnut Street, LLC.  Jason Fountain, CCIM and Clay Taylor with Waldvogel Commercial Properties brokered the transaction on behalf of the Seller.

According to Fountain, the City of Salem has pledged up to $350,000 in grant contributions to support the overhaul of the building.  A five-year property tax abatement was also given in conjunction with the offer to waive building permit fees, utility hook up costs, and many other standard construction fees that are usually assessed by the municipality.  According to Fountain, a performance agreement was formally approved by Council and memorialized by the Economic Development Authority on January 25, 2017.

The property has been a recent source of controversy for some as the transfer of ownership resulted in the displacement of the current residents of the property.  Some expressed vocal opposition to being told their month to month leases would no longer be renewed.

“The property had deteriorated over the years,” said Taylor, “and had reached a point where it was becoming unsafe. It needed to undergo a complete overhaul.  The distinctive post World War II architecture made the building a prime candidate for historic tax credits, so we targeted buyers who wanted to pursue the preservation of the structure,” said Taylor.

According to Fountain, the supply of buildings that are poised for adaptive reuse in Roanoke City is becoming scarce. “In recent years we have seen dozens of similar projects in Roanoke that have revolutionized its Downtown,” said Fountain.  “With few obvious opportunities remaining, we are seeing developers looking to branch out into surrounding markets such as Lynchburg and Danville. The Downtown Plan adopted by Salem’s leadership has created momentum.  As a Salem resident, I think it’s especially exciting to see projects like this taking place.  Following this sale we hope to continue the dialogue with other owners in and around Downtown Salem about how to take part in the growth and revitalization of our community.”

Vannoy is New VP and Chief Operating Officer at Waldvogel Commercial Properties

Krista H. Vannoy, CCIM, has been promoted to Vice President and Chief Operating Officer at Waldvogel Commercial Properties. She has been a commercial real estate practitioner since 2001 and has been with the firm since its founding.

In her new post, Vannoy will focus on developing growth strategies and new lines of business, as well as building on the company’s platform of high quality client services, said Michael Waldvogel, president and chief executive officer, adding that one of her strengths is “coaching and mentoring new staff and associates.” She will continue in her role of sales and leasing broker where she has displayed her ability to work through complex commercial and industrial transactions, he said.

Prior to her career in real estate, she worked in downtown economic development, including serving as Executive Director for both the Martinsville Uptown Revitalization Association and Lexington Downtown Development Association. She has a Bachelor of Arts Degree from Meredith College and holds the CCIM designation.

She is a 2006 graduate of Leadership Roanoke Valley and has been active in the Roanoke Valley Preservation Foundation and the International Council of Shopping Centers. She volunteers as a puppy handler for Saint Francis Service Dogs; as a coach for the No Boundaries Beginner Running Program, and served as race director for Four On The 4th, a charity four-mile foot race.

D. Scott Miller is New Agent at Waldvogel Commercial Properties

D. Scott Miller has joined Waldvogel Commercial Properties, Inc. as a sales and leasing agent.

Miller brings 25 years of commercial real estate experience to his new position. He has owned his own real estate development company for more than 5 years and has experience with investment and senior living properties. Previously he was Senior Vice President of Real Estate, Construction and Facilities Management at Advance Auto.

He will primarily focus his efforts on helping national and local retailers and landlords meet their respective goals. He has been a member of the International Council of Shopping Centers (ICSC) for more than 20 years.

An “Air Force brat,” he is a graduate of New Mexico State University with a bachelor’s degree in marketing management. He moved to the Roanoke Valley from Chicago 16 years ago to work for Advance. He enjoys bicycling and golf. Miller has a daughter in law school and a son who has just joined the U.S. Marines.

Waldvogel Commercial’s Jason Fountain Recognized for $7.2 Million Deal

CIRE Magazine named the $7.2 million Northridge Apartment deal as its “Deal of the Week,” and highlighted the role Jason Fountain, CCIM, played in it. Fountain worked with other local CCIMs on the sale of the 174-unit Northbridge Apartment Village. “Because the CCIM education includes such a comprehensive model for analyzing investment real estate and CCIM practitioners are encouraged to be masters of markets in which they operate, we were able to meet clients’ expectations on both sides of the transaction and quickly arrive at an agreeable price and terms in a highly competitive situation,” he told the magazine.

A CCIM (Certified Commercial Investment Member) is a recognized expert in the commercial and investment real estate industry.

Read the full article here.

Susan Roberts is New Assistant Property Manager

Susan Roberts has joined Waldvogel Commercial Properties as assistant property manager. She brings a strong background in property management to her position, including a prior stint at the firm.

A native of Atlanta, Roberts has lived in the Roanoke area for 12 years. She enjoys being outdoors, hiking and kayaking. She also loves spending time with her grandchildren.