NEWPORT NEWS, VA – DF Ventures, a business unit of Drucker + Falk, has announced the sale of a 710-unit, three property portfolio to The Kushner Companies for $113.0 million. The portfolio consists of Chesapeake Bay Apartments located in Newport News, VA, Hanover Crossing in Mechanicsville, VA, and Wilde Lake Apartments located in Henrico, VA.
J Guy Buck, CFO of Drucker + Falk, said, This was a fantastic opportunity to leverage DF Multifamily s management and renovation expertise. We are very proud to have delivered extraordinary returns to our investors. DF Ventures, along with a partner, bought the properties in May of 2016 for $68.5 million and implemented a $10.5 million renovation plot across the three properties which, combined with stellar property management, resulted in an average return on investment exceeding 30% annually.
DF Ventures is very pleased with the success of our value-add business plot for this portfolio. Renovating each community s clubhouse and upgrading amenities has resulted in higher leasing traffic, and renovating unit interiors, curing deferred maintenance, and enhancing exteriors has vastly improved curb appeal, said DF Ventures Director, Eric Skow.
Exterior renovations included: replacing vinyl siding at Hanover Crossing Apartments in Richmond metro area s Hanover County with hardiplank; painting exteriors at Chesapeake Bay and Wilde Lake; asphalt renovations, replacing or repairing patios, and window replacement at Wilde Lake; and repairing balconies and stairwells, adding dog parks, swimming pool and pool deck resurfacing, and upgrading pool furniture at the properties. Apartment home renovations included kitchen and bath upgrades including cabinets, countertops, new brushed nickel hardware throughout, modern lighting package, vinyl plank flooring, replacing polybutylene piping at two of the properties and new appliances. Residents, prospects, local residents, and businesses were ecstatic with the transformation of the communities, new color choices, new 24-hour fitness centers, and clubhouses.
DF Ventures extends their appreciation to Charles Wentworth, Hank Hankins, Will Matthews, and the Colliers Multifamily Investment Sales team for their marketing of the portfolio and help concluding a very successful sales transaction.

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HAMILTON, NJ – Total construction starts dipped 18% in September to a seasonally adjusted annual rate of $667.7 billion, essentially taking back August s gain. While some of this decline is certainly payback from several large projects entering start in August, the drop in activity brought total construction starts below levels seen in June and July. Nonresidential starts fell 24%, while residential building dropped 21% over the month. Nonbuilding starts were 5% lower than August.
Year-to-date through nine months, total construction starts were down 14% from the same period in 2019. Nonresidential starts were lower by 26% and nonbuilding was down 18%, while residential starts gained 1%. For the 12 months ending September 2020, total construction starts were down 8% from the 12 months ending September 2019. Nonresidential building starts were 19% lower and nonbuilding starts were 11% lower, while residential building starts rose 4% over the 12 months ending September 2020. In September, the Dodge Index fell 18% to 141 (2000=100) from the 173 reading in August. September s Dodge Index was down 23% compared to a year earlier and 21% lower than its pre-pandemic level in February.
That construction starts took a significant step back in September is disappointing, but also not surprising, stated Richard Branch, Chief Economist for Dodge Data & Analytics. The economic recovery has lost momentum and is showing strain since support provided to consumers and businesses from expanded unemployment insurance benefits and the Paycheck Protection Program have expired. The worsening budget crisis for state and local areas has also slowed growth in public project starts, particularly in the face of a somewhat uncertain outlook for federal infrastructure spending programs. The road to recovery will continue to be uneven and fraught with potholes until a vaccine is developed and widely adopted across the U.S.
Nonbuilding construction fell 5% in September to a seasonally adjusted annual rate of $176.3 billion. Highway and bridge starts rose for the third consecutive month, jumping 10%, while utility/gas plant starts went up 21%. But, environmental public works and miscellaneous nonbuilding starts each lost 26% over the month.
The largest nonbuilding project to break ground in September was the $1.6 billion Guernsey Power Station in Pleasant City OH. Also getting underway was the $727 million 1,122 MW Seminole Electric natural gas fired power plant in Palatka FL and the $330 million Liquids Expansion and Solids Treatment Plant in Chino CA.
Through the first nine months of the year, total nonbuilding starts were down 18%. Starts in the highway and bridge category were up 2%, while environmental public works fell 10%, miscellaneous nonbuilding was down 33%, and the utility/gas plant category was 43% lower. On a 12-month rolling sum basis, total nonbuilding starts were down 11% compared to the 12 months ending September 2019. Starts in the street and bridge category were down 1%, while utility/gas plant starts were down 21%. Environmental public works starts dropped 6% in the 12 months ending September 2020 and starts in the miscellaneous nonbuilding category were 22% lower.
Nonresidential building starts were down sharply over the month of September, falling 24% to $177.4 billion. There was small excellent news in the detail: institutional starts fell 8%, manufacturing starts were 48% lower, and commercial starts dropped 36%. Only two building types posted a gain in September – retail and public buildings.
The two largest nonresidential building projects to break ground in September were the $330 million second phase of the Iceberg Towers in Burbank CA and the $330 million East Market Mixed-Use complex in Philadelphia PA. These projects were followed by the $296 million first phase of the Moffitt Cancer Center Hospital in Tampa FL.
Year-to-date through nine months, total nonresidential building starts were down 26%. Commercial starts declined 27%, while institutional starts were 18% lower. Manufacturing starts dropped a painful 56% compared to the first nine months of 2019. For the 12 months ending September 2020 total nonresidential building starts slid 19%. Institutional building starts were 16% lower, commercial starts down 19% and manufacturing starts plummeted 30% in the 12 months ending September 2020.
Residential building starts lost 21% in September, falling to a seasonally adjusted annual rate of $314.0 billion. Single family starts dropped 6% in the month as multifamily starts tumbled 54%.
The two largest multifamily structures to break ground in September were the $130 million AJ Railyards Mixed Use building in Sacramento CA and the $130 million Sage Valley Apartments in West Valley City UT. The $125 million Avenir Mixed Use building in Jersey City was the next largest project to break ground.
Through the first nine months of 2020, residential construction starts were 1% higher than in the same period of 2019. Single family starts were up 6%, but multifamily starts were down 12%. For the 12 months ending in September, total residential starts were 4% higher compared to the 12 months ending September 2019. Single family starts were up 7%, while multifamily starts were down 5%.

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COLORADO SPRINGS, CO – Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced the acquisition of nearly 21 acres of land in Colorado Springs for the development of Ascent by Watermark, a three-tale, resort-style apartment community featuring one- to three-bedroom apartment homes. Construction on the development will start later this month, with an expected completion date of fall 2022.
“We are excited to start construction on our second multifamily development in Colorado Springs, which continues to rank as one of the most desirable places to live in the country,” said Jessica Tuttle, Watermark’s vice president of development, west region. “Colorado Springs’ dynamic growth has brought robust demand for apartments and we look forward to delivering another of our hallmark apartment communities for area residents.”
Located on the southeast corner of Tutt Boulevard and Powerwood View, Ascent by Watermark will consist of 360 one-, two- and three-bedroom units that average just under 1,000 square feet. Each apartment will feature gourmet bar-kitchens with quartz countertops, stainless-steel appliances, walk-in closets, garden tubs, full-size washers and dryers and designer light fixtures, with many homes offering detached garages.
The gated community will consist of a professionally designed clubhouse with TVs, conference rooms, technology centers and more; a 24-hour fitness center with state-of-the-art equipment and Fitness On Demand™ virtual training kiosks and spinning rooms; a swimming pool with cabanas and entertainment areas and pet-friendly bark parks and doggie spas. An on-site management team dedicated to the highest-level of service for residents will also be available.
Ascent by Watermark is a convenient 20-minute drive from downtown Colorado Springs and will have visibility from Woodmen Road, a well loved roadway which carries over 36,000 vehicles per day. Another main thoroughfare, Powers Boulevard, is immediately west of the site and carries nearly 60,000 vehicles per day. The desirable location offers residents simple access to numerous retailers and restaurants, as well as major employers including the largest U.S. Army installation in Colorado, Fort Carson, which employs over 30,000 people. The site is also adjacent to the St. Francis Medical Center North, which just last year opened its new $102 million expanded emergency center.
In 2019, Colorado Springs was ranked #1 on U.S. News and World Report’s “Most Desirable Places to Live: 2019”, and it’s not hard to see why. In addition to the area’s gorgeous natural scenery, the market is fundamentally strong, with an average home value of nearly $400,000 and 2.3% job growth for the MSA, all of which has contributed to high population growth and a solid rental market for years to come. With zoning requirements and topographical challenges making it hard for new development in the area, Ascent by Watermark is well positioned for success.
Watermark is no weirder to the Denver MSA. Since completion of their first property in the area in 2015, Watermark has successfully delivered eight additional luxury multifamily projects, totaling 2,313 units. Ascent by Watermark will be their second property in Colorado Springs. Earlier this year they sold the 244-unit Watermark on Union.
“With nine total projects in the Denver MSA, Watermark Residential is uniquely positioned to know and deliver the luxury quality and value that the area’s residents demand,” said Josh Purvis, managing partner with Watermark. “Even when facing strong barriers to entry, and a COVID-19 environment, the Watermark team was able to utilize our history and relationships to buy this strategically located property. Ascent by Watermark will not only appeal to our residents, but also investors for the foreseeable future.”

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