The sale of historic, landmark properties may make headlines, but the spotlight on the acquisition itself can sometimes obscure the potential challenges that lie ahead.
In late 2024, VCW Management purchased the Wainwright Apartments and its sister property, the Botetourt Apartments, in Norfolk, Virginia. The two buildings were constructed roughly a century ago and serve as cornerstone residential properties in the coastal city's downtown. The Wainwright, in particular, was lauded after the complex, originally built in the mid-1920s as the headquarters for Seaboard Air Line Railroad, was converted into luxury apartments in 2013 — the same year it was added to the National Register of Historic Places.
But operating and modernizing century-old buildings presents inherent challenges, including aging infrastructure, plumbing systems, life-safety coordination and historic preservation considerations. The acquisition also marked the first investment in Virginia for North Carolina-based VCW, creating challenges related to state-specific regulations, municipal coordination, vendor relationships, utility structures and resident communication standards unique to the Hampton Roads region.
To address those concerns, VCW brought in a new management team, fellow North Carolina firm Carlisle Residential Properties, to implement proactive preventive maintenance programs, strengthen local vendor partnerships and improve coordination with the city of Norfolk and utility providers. Emergency response protocols and communication workflows were refined to minimize resident disruption while protecting the long-term viability of both properties. As a result, the Wainwright achieved measurable improvements in occupancy, preleasing performance and resident satisfaction.
In recognition, the projects earned a CoStar Impact Award for multifamily development of the year in Hampton Roads, as judged by an independent panel of local industry professionals.
About the project: The two properties exemplify how consistent leadership and thoughtful operational innovation can stabilize and elevate historic multifamily properties. Through coordinated management, adaptive solutions and a focus on optimizing resident experience, the properties have continued to support downtown Norfolk's residential vibrancy while preserving its architectural legacy.
VCW paid $30.75 million to Marathon Development Group to acquire the 126-unit Wainwright and the 40-unit Botetourt in November 2024. Originally constructed as early landmark buildings, both properties retain their historic architectural character while offering updated interiors and modern amenities. The Wainwright in particular stands out as the only large-scale commercial example of the late Gothic Revival style in Norfolk, according to the Virginia Department of Historic Resources.
Both the Wainwright and Botetourt buildings benefit from increased housing demand as nearby military installations reached near-capacity, positioning the complexes as preferred housing options for relocating service members and downtown professionals. Successfully absorbing this demand while maintaining service standards across two historic properties reinforced the portfolio's positive influence on the Norfolk area.
What the judges said: "The modernization and operational improvements made to this historic property continue the revitalization of downtown Norfolk," said John Peterson, a principal with Virginia Beach-based Terry Peterson Cos. "With limited new apartment construction, revitalization of existing assets will be the key to Norfolk's sustainability. This development provides a catalyst for other investors to enter the submarket."
They made it happen: Frank Gadams, owner of Marathon Development Group; Raffaele Allen, chief operating officer of Marathon; Larry Ramsey, director of design and construction at Marathon; Penni Starry Baker, apartment manager with Carlisle Residential Properties; and Lloyd King, owner of VCW Management.