New property management company launches
The owners of a Virginia commercial real estate company and the owners of a Maryland firm have teamed up to launch a new property management group.
The owners of Norfolk-based Robinson Sigma Inc., which operates under the brand CBRE, and Baltimore-based WPM Real Estate Management recently partnered to launch WPM MidSouth Multifamily. The new venture offers property management services for multifamily communities in Virginia, North Carolina and South Carolina. The services include leasing, construction management, owner’s representation, asset management and acquisition due diligence.
Robinson Sigma specializes in commercial properties in Richmond, Hampton Roads, Charlottesville and Fredericksburg. WPM Real Estate Management does residential management.
The new joint venture, WPM MidSouth Multifamily, is independent of and not affiliated with CBRE.
Robinson Sigma Vice Chairman Tony Smith serves as chairman of WPM MidSouth’s board of directors. J. Todd Willett sits on the board for WPM MidSouth and is an executive vice president. William Bradley in Richmond has also joined WPM MidSouth as senior vice president and co-director of business development. Leonard Frenkil of WPM Real Estate Management is the president of WPM MidSouth.
Smith and Frenkil have long crossed paths through their roles with the professional association the Institute of Real Estate Management.
Smith says he deals with customers who have multifamily properties or are looking to acquire them and that the new joint-venture offers a way of serving them.
“The idea of getting into multifamily has been bubbling around for a number of years,” Smith says, adding it’s an active market. “There’s strong demand.”
Frenkil says the new venture offers a way for him to offer more services to clients.
“Both of us have clients that were going to other people,” Frenkil says. “Now I can service clients throughout the mid-south.”