Real Estate Foundation Property Management

Real Estate and Insurance Services (REIS) oversees the VCU Real Estate Foundation (VCUREF) portfolio of land and buildings.  This includes 15.91+ acres of land in over 47 locations and 28 buildings totaling approximately 716,992 square feet of space.  VCUREF holds 34 leases on 755,463 square feet of rental space (buildings and parking lots) that generates more than $3,090,921 annually (excluding revenue generated by Broad and Belvidere Apartments and the Ackell Resident Center, which is reinvested into the respective projects).  Management of this portfolio requires the efficient balance of tenant (usually VCU) and owner relations, financial budgeting and expense control, and all other operational aspects of the property.  REIS conducts annual site inspections of VCUREF-owned properties to ensure that the properties are properly maintained.  If problems are noted, REIS arranges for repairs through either the University or outside contractors, depending upon who is responsible for the repair pursuant to the terms of the lease.