As multifamily real estate ownership continues to evolve nationally, the effects are becoming more visible at the neighborhood level. Ben Roper, a REIT specialist at Capital Square, says Richmond offers a clear example of how these shifts influence housing stability, property operations, and long-term community outcomes.
“Real estate is not about quick wins,” Roper said. “It’s about decisions that play out over decades.”
Across the Richmond region, rising costs, changing ownership structures, and new sources of capital are reshaping how apartment communities are owned, financed, and managed. While these trends are often discussed at a national level, Roper believes their local impact deserves more attention — especially as institutional ownership becomes more common in Central Virginia.
“COVID was trial by fire,” Roper said. “There was no playbook. You just had to show up every day and solve problems.”
A Local Issue With Real Consequences
Richmond has experienced steady population growth over the past decade, particularly among renters. According to U.S. Census data, the Richmond metro area grew by roughly 10 percent between 2013 and 2023, outpacing many similarly sized cities. During that same period:
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The share of renter households in the Richmond region increased by an estimated 12 percent.
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Average apartment rents in the metro area rose by roughly 20 to 25 percent since 2019, according to regional market reports.
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Property insurance costs for multifamily owners in Virginia increased by double digits over the past three years.
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New multifamily supply in Richmond accelerated, with several thousand units delivered since 2020.
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Smaller property owners increasingly compete with institutional buyers for financing, labor, and insurance coverage.
“These trends affect more than investors,” Roper said. “They shape how buildings are operated, how quickly maintenance is addressed, and how stable housing remains for residents.”
Recent Transactions Highlight Broader Shifts
In his role at Capital Square, Roper has been directly involved in recent multifamily transactions that reflect these changing ownership dynamics. That includes Capital Square’s acquisitions of Wellington Place and Lawndale Farms in eastern Henrico County, as well as a multifamily acquisition, all completed through the firm’s REIT structure.
“These were existing communities with real residents and real histories,” Roper said. “The structure of ownership matters because it influences how capital is allocated, how properties are maintained, and how decisions are made over time.”
Roper emphasized that transactions structured for long-term ownership can provide operational stability when aligned correctly — but only if local realities are understood and respected.
“When a company doubles in size, weaknesses show up fast,” he said. “I learned how important it is to have the right people in the right seats.”
Why Ownership Structure Matters Locally
Roper’s career began in on-site operations, leasing apartments and managing properties in Richmond before moving into regional and institutional roles. That experience continues to shape how he evaluates today’s ownership trends.
“Leasing teaches you humility fast,” Roper said. “You hear every complaint and every reason someone might walk away.”
As ownership structures grow more complex, Roper says the risk is losing local accountability. At the same time, he notes that well-structured long-term ownership models — including REITs — can support consistent operations and capital planning when executed responsibly.
“My job is not to sell,” Roper said. “It’s to help owners think through options they may not have considered and understand the downstream impact of those decisions.”
Local Action List: 10 Things Richmond Residents Can Do This Week
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Ask your property manager who owns your building and how decisions are made.
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Attend a neighborhood or civic association meeting focused on housing.
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Review your city council representative’s stance on housing and zoning.
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Report unresolved maintenance issues through official city channels.
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Compare renter protections in Richmond with those in neighboring localities.
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Support local housing nonprofits working on stability and education.
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Learn how new developments are approved in your district.
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Talk with neighbors about shared concerns and document patterns.
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Follow regional housing data from trusted local outlets.
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Vote in local elections that impact housing policy and development.
How to Find Trustworthy Local Resources
Residents should rely on primary sources whenever possible. City of Richmond planning documents, regional housing authority updates, and nonprofit housing reports provide more reliable information than social media commentary. Local universities, public libraries, and civic groups also publish research and host forums that explain housing trends in plain language.
A Call to Action
Housing decisions shape daily life in Richmond, from rent levels to neighborhood stability. Roper encourages residents to take one small step this week to better understand how those decisions are made.
“Operations taught me empathy,” he said. “Capital strategy taught me discipline. You need both.”
Start with one local conversation, one meeting, or one question today.
About Ben Roper
Ben Roper is a REIT specialist at Capital Square based in Richmond, Virginia. He focuses on strategic growth initiatives in multifamily real estate, including acquisitions and 721 exchanges. His background spans on-site property operations, business development, and institutional investment strategy.
Media Contact
Contact Person: Ben Roper
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City: Richmond
State: Virginia
Country: United States
Website: https://www.benroperrichmond.com/
