A local property management company has bulked up its portfolio with an acquisition.
Dodson Property Management acquired Mechanicsville-based Property Managers of Virginia in a six-figure deal that closed last week. The purchase will add 93 single-family homes to Dodson’s stable of properties.
“We had been looking to grow by acquisition over the past few years,” said Duke Dodson, president of Dodson Property Management. “They’re looking to retire, and they contacted me a few months ago.”
Dodson Property now manages about 1,170 small homes and apartment buildings, including the Baker Atrium Lofts in Scott’s Addition and the Bellevue Gardens complex on Chamberlayne Avenue.
Dodson is headquartered in the Fan at 2619 Floyd Ave.
The company has also expanded into Williamsburg and Newport News in the past year building residential sales and commercial divisions, Dodson said.
Property Managers of Virginia’s previous owners were Mike and Regina Mulligan. The company’s properties were all in the Richmond area.