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Richmond’s Path Forward: Investment Strategies, Opportunity Zones & Site Selection

Whitson Huffman

Whitson Huffman

Co-CEO

Capital Square

Harsh Thakker

Harsh Thakker

Founding Principal

Dorado Capital

Alan Biller

Alan Biller

Senior Development Manager

Enterprise Community Development

Adam Stein
Moderator

Adam Stein

Managing Partner

BridgeWater Real Estate Brokerage

Whitson Huffman

Co-CEO

Capital Square

Whitson Huffman, co-chief executive officer of Capital Square, is responsible for sourcing and

acquiring mixed-use multifamily properties as well as the oversight of Capital Square’s investment

activity, which includes leadership of the firm’s real estate investments related to its Delaware statutory

trust/Section 1031 exchanges, qualified opportunity zone funds and other private placement investment

offerings. Since joining the firm in 2018, he has overseen approximately $7 billion in real estate

transactions, grown total assets under management by more than $6 billion and established a successful

development division that has initiated 10 development projects totaling 2,000 apartment units and in

excess of $800 million in development cost. Huffman additionally serves as the president / chief strategy

& investment officer of Capital Square Apartment REIT, Inc.

Prior to joining Capital Square, Huffman was an associate with JBG SMITH Properties, a NYSE-listed real

estate investment trust (REIT) and fund manager, where he gained a passion for the industry. While at

JBG SMITH, Huffman participated in the development of 1,300 residential units and over 210,000 square

feet of retail space with a total capitalized value of more than $650 million. He also sought entitlements

for over 1,500 residential units and 350,000 square feet of retail, with a projected capitalized value in

excess of $400 million. Prior to joining JBG SMITH, Huffman was consultant in the financial services

group of Ernst & Young, working on multifaceted banking and capital markets projects for systemically

important financial institutions.

Huffman earned a bachelor’s degree in finance from Miami University’s Farmer School of Business and a

Master of Real Estate, finance from Georgetown University. He is active in the March of Dimes, World

Pediatrics, Little Hands Virginia, National Multifamily Housing Council, Real Estate Roundtable and the

Institute of Portfolio Alternatives (IPA). In addition, he serves on the Board of Governors of St.

Catherine’s School, Board of Directors of The Maymont Foundation and the Housing Executive

Committee for the Virginia Chamber of Commerce.

Harsh Thakker

Founding Principal

Dorado Capital

Harsh Thakker is the founding and managing principal of Dorado Capital, a residential development firm focused on the mid-Atlantic region. Since its inception in 2019, Dorado Capital has amassed a development pipeline of over $50 Million USD spread across the Richmond and DC metro areas. Harsh currently oversees all of Dorado's operations, and has been the driving force behind its push to vertically integrate all construction management and general contracting functions in the past few years. Currently, Dorado anticipates delivering over 200 units of for-sale single and multifamily housing over the next two years, with the majority of expected deliveries located in the Richmond metro area.

Developing Richmond’s Multifamily Market: Trends and Best Practices

Madi Ford

Madi Ford

Managing Partner

Audeo Partners

Ashley Wiltshire

Ashley Wiltshire

President

SJG Properties

John Beinert

John Beinert

Senior Director, Development

Greystar

Drew White

Drew White

Senior Managing Director

Berkadia

Tom Curry
Moderator

Tom Curry

Senior Project Director

CAP8 Doors and Hardware

Madi Ford

Managing Partner

Audeo Partners

Madi Ford serves as the co-founder and managing partner of Audeo Partners, a certified small and woman owned business operating in Virginia. In this capacity, she manages acquisitions, deal structuring, development, joint venture negotiation, and equity and debt finance from a legal perspective for Audeo Partners and the firm’s consulting clients. Madi has a decade of transactional legal experience in commercial real estate, in addition to extensive experience in corporate governance. She advises on risk mitigation and complex cross-functional matters relevant to the ownership, asset management, and development of multi-family rental housing for Audeo Partners and several local firms and landowners in a consulting capacity.

Madi has executed over $250M in debt financing including HUD, agency, and conventional market loans as well as structuring 1031 and opportunity zone equity for development deals. Madi has secured multiple successful PUD and BZA approvals for development projects totaling over $1B in development potential. She has also successfully managed complex litigation related to a class-action suit designed to prevent a $700M development from proceeding. Most recently, Madi transitioned distressed bank notes into a redevelopment project supporting retail, 200 multifamily units and 60 for sale units.

Prior to founding Audeo Partners, Madi served as the Senior Vice President and General Counsel at MidCity Development where she oversaw all legal matters for the asset management and repositioning and development of a 9,000-unit portfolio of affordable and market rate apartment communities across the Mid-Atlantic. Ford has also served as Director of Legal Affairs at Vantage Management and as a Corporate Associate at Bingham McCutchen L.P. She holds a Bachelor of Science in Economics, Public Policy and the Law from Trinity College and a Juris Doctor from American University’s Washington College of Law.

Madi currently serves on the Emerging Leaders Committee of the National Multi-Family Housing Council (NMHC) as well as serving on the NMHC Working Group for the Women in Multifamily Networking Series. Madi serves on the Board of Directors for The Academy of Hope Adult Public Charter School, Habitat for Humanity, D.C.-NOVA, and The Alice and Eugene Ford Foundation. She is a member of the Leadership Council for the District of Columbia and the Greater Washington Community Foundation: Partnership to End Homelessness. She has previously served on the boards of directors for two private companies, the Community Services Foundation, and the Holton-Arms School Alumnae Board.

Madi is a passionate participant and supporter of initiatives focused on affordable housing, economic empowerment, and access to education. She was a Steering Committee Member for Habitat for Humanity D.C.’s 2017 Women Build, the Event Chair for the 30th Anniversary Gala for Habitat for Humanity D.C. in 2019, and the Event Chair for Habitat for Humanity D.C.’s 2021 Women Build campaign and the Co-Chair for Habitat for Humanity D.C.-NOVA’s 2022 merger launch. Additionally, Madi served as the Event Chair for the Academy of Hope’s 35th Anniversary Gala. Madi is very proud to have led fundraising campaigns generating several million dollars in donations for local organizations and was recognize in Fall 2022 as the March of Dimes “Heroine of Washington” for the Real Estate Sector.

John Beinert

Senior Director, Development

Greystar

John Beinert is a Director for Greystar Development Services in the Mid-Atlantic

region, focusing on the District of Columbia, Northern Virginia, and Maryland.

John manages development projects in various stages of design, entitlement,

and construction.

Before joining Greystar, John served in the United States Navy as a Submarine

Officer onboard the USS Maryland and taught at the Navy’s Nuclear Power School.

John is on the Board of the Capitol Riverfront Business Improvement District.

John received his bachelor’s of science degree in Ocean Engineering from the

United States Naval Academy and his Master’s in Business Administration from

Harvard Business School.

Drew White

Senior Managing Director

Berkadia

Drew M. White serves as one of three Senior Managing Directors at Berkadia,

overseeing the Washington, D.C. Metro Area and the entire Mid-Atlantic Region since

joining the firm in January 2020. With over 30 years of experience in the multifamily

industry, Drew brings a wealth of expertise, deep industry relationships, and an

exceptional sales track record to his role. During his recent tenure, he and his team

have amassed a market share in Virginia of 49.6% for 2022-2024 and 68.6% in 2024.

This would include the largest transactions of the year in both Richmond and Hampton

Roads markets for several years in a row.

Before Berkadia, Drew was an Executive Managing Director at ARA Newmark, where

he specialized in institutional apartment transactions across the Mid-Atlantic Region. As

the lead broker on the majority of ARA Newmark’s listings in the Washington, D.C.

Metro Area, he played a pivotal role in the firm’s success. Drew joined ARA Newmark in

2015 through a company acquisition, having previously co-founded the ARA Mid-

Atlantic office in 2011. During his tenure, he facilitated over 150 sales in just five years,

including record-breaking transactions such as the highest price per square foot ever

achieved in Washington, D.C., and Richmond, VA. Notably, he led the $100 million

Williamsburg transaction, the largest apartment trade in Virginia’s history outside of

suburban Washington, D.C., and the highest price-per-unit deal in Hampton Roads at

$346,000 per unit.

Earlier in his career, Drew founded the Cushman & Wakefield Washington, D.C.

Multifamily Practice Group in 2001, where he spent a decade growing the office into a

dominant force across the Mid-Atlantic Region. Under his leadership, the group

expanded its reach and achieved top producer recognition, with Drew personally

ranking among the top 10 producers in the Mid-Atlantic in 2005 and 2006 and earning

the title of top producer in 2007. Prior to that, Drew worked in Atlanta with Cushman &

Wakefield and The Apartment Group, where he helped expand their presence across

the Southeast, completing the sale of more than 700 properties across 18 major

markets in 10 states.

Drew is also a sought-after speaker and educator. He has served as a guest professor

at the William & Mary Graduate School of Real Estate for three years and has been a

featured speaker at the NMHC Annual Meeting on four occasions. Additionally, he

frequently participates as a panelist and moderator for the Bisnow Conference Series,

sharing his expertise on topics such as Northeast D.C., emerging markets, and

multifamily trends in Baltimore and Richmond.

Outside of work, Drew enjoys coaching his children’s sports teams and pursuing

hobbies like golf, tennis, skiing, and biking. A passionate supporter of Operation Smile,

he has traveled with the organization to assist on three continents and served as the

keynote speaker at their annual fundraiser. Drew is also an active member of

Cornerstone Chapel in Leesburg, VA.

Tom Curry

Moderator

CAP8 Doors and Hardware

Veteran of the US Army’s 82nd Airborne Division.

Senior Project Director at CAP8 Doors and Hardware, a full-service distributor and installer of commercial doors and specialty items based in Washington, DC. Cap8 provides a comprehensive range of high-quality architectural products and services to clients across the Mid-Atlantic and New England regions.

27 Years in Commercial Construction focusing on Division 8 and Division 10 products ranging from the upfit of existing buildings to large new construction projects to include Colleges, Universities, Hospitals, Multi-Family Housing and K-12 Education.

Tom currently oversees a team of project managers, detailers and purchasers that are responsible for managing projects ranging from $200k-$6 million+. CAP8’s current projects are far-reaching to include Johns Hopkins University’s new Applied Physics Lab, a 3-building project at Harvard University known as the Enterprise Research Campus that includes a residence hall, hotel and event center, 6 new schools for Prince George’s County Public Schools and the Capitol One Arena Transformation in DC.

I have a Bachelor of Arts degree in Criminal Justice from the University of North Carolina at Charlotte.

Opening Remarks

Rex Smith, III

Rex Smith, III

Regional President

United Bank

Rex Smith, III

Regional President

United Bank

Mr. Smith currently serves as Regional President of United Bank in Southern Virginia.  Prior to United Bank’s acquisition of Essex Bank in 2021,Mr. Smith was the President and Chief Executive Officer of Essex Bank since September 2010. From April 2009 to August 2010, he served as the Bank’s Executive Vice President and Chief Administrative Officer. From 2007 to 2009, he was the Central Virginia President for Gateway Bank and Trust and, from 2000 to 2007, he was President and Chief Executive Officer of The Bank of Richmond.

Prior to that Mr. Smith held Executive positions at Guaranty Bank in Charlottesville Virginia and with Central Fidelity Bank in Richmond, Virginia.

He has a B.A. in Economics from the University of Virginia and a Masters of Business Administration from the University of Richmond where he was an Honors Member of Beta Gamma.

He is a published author on many banking topics such as; branch banking, transfer pricing methodologies and retail profitability analysis in the American Banker, ABA Marketing Journal and, the Community Banker. Mr. Smith formally served on the Boards of the March of Dimes and Children’s Hospital of Richmond. He is currently a Board member of Bankers Insurance, LLC.

What You'll Learn

With nearly 5,000 multifamily units under development in Richmond, the region’s housing market is at a pivotal moment. Join us to explore the latest trends in development and construction, from innovative building methods to strategies for navigating local challenges. As vacancy rates rise and rents continue to climb, industry leaders will discuss how zoning updates and shifting policies post-election are shaping the region’s future.

  • With a steady 3.8% year-over-year increase in effective rents, how are developers adapting their pricing strategies to keep pace with Richmond's growing demand for multifamily projects?

  • How will recent election results and their influence on local and state policies shape the multifamily development landscape in Richmond?

  • How do industry perceive the impact of the Richmond 300 Zoning Ordinance Refresh on the future of multifamily development, particularly in terms of density, land use, and the integration of affordable housing options?

  • With the vacancy rate rising to 8.7%, what trends are developers and investors seeing in terms of tenant preferences or the kinds of amenities driving leasing activity in competitive submarkets like Scott’s Addition and Chesterfield?

  • As Richmond continues to attract in-migration, what specific factors are driving demand for multifamily housing and how can developers ensure they meet these evolving preferences?

Who You’ll Meet: Richmond's industry experts, investors, owners, developers, lenders, brokers, public sector companies, city officials, architects, contractors, engineers and property managers.

  
Projects & News to Know:

For questions, recommendations, comments, press inquiries, or interest in sponsoring, please email our Mid-Atlantic Event Producer, Katie Telder, at katie.telder@bisnow.com. To request disability-related accommodations, please contact sabrina.cole@bisnow.com no later than 7 business days prior to the event.

Agenda

Time Activity
1:00 PM
2:00 PM
Registration, Networking and Breakfast
2:00 PM
2:45 PM
Richmond’s Path Forward: Investment Strategies, Opportunity Zones & Site Selection

Explore how investment trends, Opportunity Zones and land-use policies drive Richmond’s multifamily growth, shaping capital flow, site selection and pre-development strategies to maximize returns.

2:45 PM
3:00 PM
Networking Break
3:00 PM
3:45 PM
Developing Richmond’s Multifamily Market: Trends and Best Practices

A deep dive into the development strategies driving Richmond’s multifamily growth. Learn how developers are responding to demand, overcoming local challenges and integrating modern amenities to create successful residential projects.

3:45 PM
4:30 PM
Closing Networking

Sponsors

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