About Neighborhood Properties

At Neighborhood Properties, we strive to develop, lease, and maintain quality neighborhoods in and around Charlottesville.  We are interested in making sure that our residents have more than a nice home or apartment; we want you to enjoy your neighborhood experience!

In December of 1980 (Jimmy Carter was still President), Richard T. Spurzem made his first real estate investment as a 19-year-old, Second-year Echols Scholar at the University of Virginia.  He responded to a classified ad in the Daily Progress advertising a house on Douglas Ave. in Belmont for sale at its assessed value.  With two partners (including future Charlottesville Mayor Blake Caravati), they paid $15,300 for the run-down house with $2,800 cash down and seller financing for the rest.  They renovated the house into two apartments.  A few months later, Richard purchased his first property on his own, again with the help of seller financing as interest rates were at an all-time high of 18+%.  With a “rinse and repeat” strategy of buying a house, fixing it up, renting it out, and re-financing it to pull cash out for the next deal, Spurzem has spent the last 40 years building and upgrading a residential real estate portfolio in Charlottesville, Albemarle, and the surrounding areas.  In the City of Charlottesville alone, Spurzem has owned over 360 different properties, which represents about 2.5% of all the tax parcels in the City.  Spurzem is now one of the five largest private real estate owners in Charlottesville/Albemarle (based on tax assessments).  Neighborhood Properties continues to buy and renovate properties, so it can provide quality housing to area residents and UVA students.

Contacts

Leasing
Neighborhood Properties
leasing@neighborhoodprops.com

Corporate & Acquisitions
Richard T. Spurzem
richard@neighborhoodprops.com