Dodson Property Management acquires Fountainhead Development subsidiary
Dodson Property Management, a Richmond-based residential and commercial property management firm, has acquired CoreRVA Properties Inc., the property management subsidiary of Fountainhead Development, another Richmond firm. The deal means Dodson will now manage more than 3,300 single and multi-family units in Central Virginia.
Terms of the transaction, which closed on Aug. 1, were not disclosed.
As part of the agreement, CoreRVA employees will take on new roles with Dodson. Three employees will join Dodson’s staff of 40 at the company headquarters at 409 E. Main St., while the remaining 20 will continue as onsite managers at Fountainhead properties.
Fountainhead, owned by Tom Papa and Rick Gregory, has developed more than 730 apartments in several in downtown Richmond and Manchester, including The Locks, Miller Lofts and Plant Zero. While property management of these units is part of the acquisition, Fountainhead will continue to own them. The company has several development projects underway that also will be managed by Dodson once they are completed.
Duke Dodson, president of Dodson Property Management, praised the development vision of Papa and Gregory in a statement. “… They have brought some amazing properties into our downtown area. Their top priority was to ensure continuity in leadership and no disruption to the team, and we have worked hard to do so. Our team is excited to join forces and play a role in managing these properties and many more to come.”
“The transition of CoreRVA to Dodson allows Fountainhead to maintain a keen focus on the development capabilities that enable us to transform buildings into sustainable communities —it’s what we do best,” Fountainhead COO John Gregory said in a statement. “Fountainhead is thrilled to have found a solution that allows our talented property management staff to stay onboard at our apartment communities.”
Tara Carter, who was director of multifamily operations at CoreRVA and Dodson, will be president of Dodson’s multifamily operation, overseeing the team of property managers for the company’s apartment portfolio.