VIRGINIA (Reuters) – The state-owned real estate agency sold for an average of $2,871 per square foot for new developments in Virginia, the latest sales milestone since Gov.
Terry McAuliffe took office in 2011.
Statewide, the average price of a new development for 2016 was $1,819, a 6.9 percent increase from the year before, according to data from the Virginia Department of Commerce and Consumer Services.
A typical development is valued at $2 million or more, according a Virginia State Board of Equalization report.
The agency sold 2,632 houses in Virginia for $1.3 billion last year, including $1 billion in multifamily projects, the agency said in a statement.
The agency also sold 2.1 million square feet of office space.
“The VA Real Estate Board has enjoyed record sales for more than a decade, and we have seen a continued upward trend in the number of transactions,” VA Board of Examiners President Karen Johnson said in the statement.
“As we look forward to the next phase of our expansion plan, we are thrilled to be able to expand our sales and development capabilities to more Virginia communities and regions.”
The agency also announced it had secured more than $400 million in tax credits to help expand rental housing, including a $2 billion loan to help pay for projects that create more than 10,000 jobs.
It said it was committed to continuing to develop more affordable housing and was looking to make additional investments in community housing.
The board said it has $4 billion in cash to help finance projects that provide affordable housing to low- and moderate-income residents.