RICHMOND, VA – DF Multifamily, a division of Drucker + Falk, a performance-oriented real estate service and investment company among the most respected real estate management and commercial real estate companies in the country, has again entered into a partnership Douglas Development Corporation about leasing and managing their burgeoning boutique community, Stump apartments on the Main.
The Washington, DC-based developer is one of the most dominant and successful real estate developers in the Mid Atlantic, controlling over 9 million square feet in the Washington metro market with an additional office and presence in downtown Richmond. The Douglas Development Corporation and its clients have earned a national reputation as leaders in the redevelopment of historic properties and in 2013 awarded Drucker + Falk the rental and management of Deco at CNB, an award-winning apartment community and sister property of the future Stumpf Flats.
Located at 728 E. Main St. in Richmond, Virginia’s central business district, Stumpf Flats on Main is currently undergoing a $ 5 million redevelopment after previously serving as the centuries-old Stumpf hotel. According to the renovation plans, the seven-story structure is to be converted into 24 one-bedroom apartments that have 2,300 square meters of commercial space on the ground floor with an attached parking garage. The size of each apartment building is between approximately 545 and 795 square feet. Rent ranges from $ 1,200 to $ 1,500 per month.
Stumpf Flats on Main offers future residents the unique opportunity to live in a fully restored historic boutique landmark with luxurious, modern features. Open concept floor plans with stylish features that are unique to each home; and so many of the originally ornate, distinctive features for which the historic Stumpf Hotel was known. The personal tours for protective helmets have already started, as several units are pre-rented and the move-in dates are expected for August 2020.
Andrew Chisholm, Director of Multifamily Management at Drucker + Falk, says: “Having worked together since the successful rental and continued management of Deco at CNB in 2013, we are very excited to further develop our relationship with Douglas Development Corporation. Stumpf Flats on Main is a unique apartment community in a thriving part of the city that we would like to add to our growing portfolio in the Greater Richmond area. "
“We are delighted to be transforming this historic gem into a new community community and to continue our efforts to revitalize the city of Richmond. Stumpf Flats on Main promises to combine the best features of the former hotel with all of the modern conveniences that residents have come to expect, and we are excited to see our vision come to life, ”added Norman Jemal, Managing Director of Douglas Development Corporation .
Source: Drucker + Falk