Drucker & Falk Partners with LEM Capital to Purchase Three Virginia Properties; Renovations Planned

Drucker & Falk, a full-service real estate and investment firm headquartered in Newport News, VA, has partnered with LEM Capital of Philadelphia, PA, to purchase and renovate three multi-family housing complexes in Virginia. The companies closed on the deal May 24. 

The three properties, formerly owned by Lerner Properties of Englewood, NJ, include:

  • Chesapeake Bay Apartments, a 300-unit property located at 550 Saint Michaels Way, Newport News.
  • Hanover Crossing, a 190-unit property located at 9258 Hanover Crossing Dr., Mechanicsville.
  • Wilde Lake, a 190-unit property located at 2900 Bywater Dr., Richmond.

The partners plan to spend between $3- and $4-million to renovate the properties over the next three years. Renovations will include updated interiors and enhanced clubhouses and amenities. From its Richmond office, Drucker & Falk will be oversee  renovations and serve as the property manager.

Drucker & Falk has expanded its Richmond presence considerably in the past six months with a number of high-profile projects, including Oxygen at Centerpointe, a 255-unit project in Midlothian; Deco at CNB, a 200-unit transformation of the former Central National Bank Building in Richmond’s Arts and Cultural District; and Avia Apartments, a 320-unit luxury property in Short Pump. With the addition of the three Lerner assets, Drucker & Falk now manages approximately 6,000 units out of its Richmond office.

Founded in 1938, Drucker & Falk is a full-service real estate and investment firm, managing a diverse portfolio of nearly 30,000 apartments in ten states including Virginia, Maryland, North Carolina, South Carolina, Georgia, Florida, Alabama, Tennessee, Indiana and Missouri.With roots in third-party fee management, Drucker & Falk specializesin multifamily management of all asset types, new development and construction consultation, lease- ups, restoration and conversion of historic buildings into upscale multifamily housing, asset repositioning and stabilization of challenging properties, mixed-use management and due diligence services. To obtain more information about Drucker & Falk, visit our website at www.druckerandfalk.com or contact Jim Ledbetter, President, jledbetter@druckerandfalk.com, or 757.926.5067.