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Lindley Estes is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.
Park Hill Property Management will have a new owner soon
Spotsylvania-based Park Hill Property Management will change hands July 1.
The real estate company is being purchased by Richmond-based Dodson Property Management for an undisclosed sum.
Park Hill oversaw 77 properties, including 71 single family homes and six complexes. Those will all be managed by Dodson.
Owner Duke Dodson said he has strong personal ties to Fredericksburg and Park Hill owner Frank Franco.
When he decided to start his company seven years ago, he turned to Franco, who he called a “mentor” for advice. And when Franco approached him wanting to retire and with the idea of a sale, he said he jumped at it.
Dodson said he wanted to expand into Fredericksburg because he knows the market fairly well. His father’s family has lived in Fredericksburg for decades and he lived and worked for Wells Fargo Home Mortgage here from 2002 to 2003. Dodson also personally owns a few rental properties in the area.
No real estate will change hands in the deal, he said, and the transition will be “business as usual” for landlords and tenants.
This is the second acquisition for Dodson in the last year, having also purchased Mechanicsville-based Property Managers of Virginia.
He said the company’s management portfolio will stand at 1,700 properties with the addition of Park Hill. Most of the other properties are in Richmond, and some are in Williamsburg and Newport News.
None of the current employees will remain at Park Hill. Dodson said the property managers are all seeking retirement and the one agent who handled sales is starting her own company.
He is planning on hiring one property manager to start in July, and another as the company grows.
The signs at the management office, 10458 Hilltop Plaza Way, will be changed Friday.