Fast-growing real estate firm targets sites in Randolph, Newtowne West
With two new properties under contract, a growing local development company is taking steps to increase its presence in the city.
Dobrin Properties plans to build six townhouses at 901-911 S. Randolph St. in the Randolph neighborhood and is also under contract to purchase approximately 1.4 acres at 1108 Dinneen St. in Newtowne West, where it envisions a more than 100 units.
The 10-year-old real estate company does most of its work near VCU. His holdings include low-income apartments Colorado Manor and Bradford Manor which he scooped up for a total of $5.3 million in 2020, as well as about 150 other single-family and multi-family buildings in the city.
With a three-year revenue growth rate of more than 1,000%, Dobrin Properties landed on the 2021 Inc. 5000 list of the nation’s fastest-growing private companies.
Jimmy Montgomery, Dobrin’s vice president of operations, said the company has a few areas of expertise.
“We do historic tax credit projects as well as infill lots and some renovations,” Montgomery said.
In the case of the Randolph project, Dobrin acts as the developer on the six two-storey townhouses of the new construction. The project would sit on a 0.4 acre site that is currently a playground near Mount Calvary and Riverview cemeteries. Montgomery said the company is under contract to buy the property, which was recently appraised by the city at $200,000.
Plans filed with the city show that each townhouse would total approximately 2,300 square feet and include four bedrooms, an office and a family room. River Mill Development is the designer of the project and Kine Vue Consulting is the civil engineer.
Meanwhile, on Dinneen Street, just west of Governor Maggie L. Walker’s school, Dobrin is under contract to buy about 1.4 acres. The site is currently used for industrial storage and houses a 2,200 square foot office building.
Last fall, Dobrin filed a zoning letter with the city for the site asking for confirmation of 123 apartments there. However, Montgomery said they are still in the planning process.
“Dinneen is a long-term plan for us,” he said. “It’s nothing we will do quickly.”
Dobrin and his staff of 12 are based near Monroe Ward.