Virginia
A 26-year-old developer whose firm owns 40 acres of land in Richmond explains why he’s betting on the capital of Virginia — and why he would personally invest in real estate there
In 2019, Harsh Thakker quit his tech start-up job and co-founded Dorado Capital, a real-estate development firm.
Dorado specializes in residential real-estate development in the DC and Richmond metro areas. Thakker and his partners chose to focus on residential, rather than commercial or industrial, after analyzing the overall real estate market in the US.
“We saw the demand for housing and the underbuilt status of the housing market that’s existed since 2008,” the 26 year old told Insider. “So we chose residential on that basis, seeing the demand and lack of supply, and we figured that we could help alleviate that issue.”
Dorado’s first project was a six-unit condominium deal in Brookland, a neighborhood in northeast Washington, DC.
Courtesy of Dorado Capital
“Initially, we had planned on starting in Richmond but at that time we were not able to find any projects that penciled out,” said Thakker. Meanwhile, “the DC market was considerably faster-moving, especially the condominium market.”
He knows both areas well, having grown up in Richmond and attended Georgetown University in DC.
While Richmond didn’t necessarily make sense from a business perspective in 2019, Dorado’s most recent acquisitions have all been in the state capital, he said: “We have noticed a trend towards more affordable cities, which is why all of our acquisitions in the past two years have been in Richmond.”
Thakker personally bought land in Richmond in 2020 shortly after the pandemic hit.
“I bought a few small lots throughout the city back when the market had tanked immediately when the restrictions hit and no one was buying anything,” he said. “I saw a few land deals I thought were really cheap and I had the capital saved up myself to purchase those. So I developed single-family homes on those myself and it turned out pretty successful.”
Courtesy of Harsh Thakker
As for how a developer measures success, for Thakker and Dorado, it’s all based on return on invested capital.
“Eight to 15% is our target for profitability on the revenue, after not only all direct costs have been removed but also overheads, financial costs, and others that would be added back in when determining gross margin,” he explained.
The three homes he developed himself sold within 30 days of listing and “were able to exceed those targets,” he said.
That win gave him the idea of taking Dorado’s capital to Richmond. Currently, the firm is working on three projects in the area, including a 12-unit luxury townhome community and a land development project for other builders that spans 30 acres.
Courtesy of Dorado Capital
“We picked up a 30-acre parcel that is eligible to be constructed for 47 single-family home lots,” said Thakker. “We don’t necessarily have the capacity to build out 47 homes or take on a project of that size, so we’ve decided to partner up with other builders who don’t want to get into land development and want to focus on the home building side.”
Across their three major projects in Richmond, Dorado has acquired 40 acres of land, which is equivalent to over 40 football fields.
While Dorado’s projects are still underway, Thakker is confident that, just like his single-family homes, each project will exceed profitability targets.
Why Richmond is a good place to invest
Thakker believes in the Richmond real estate market. If he were to personally invest in the near future, it’s “definitely a market I would be looking at,” he said.
There are a couple of indicators that point to Richmond being a hot market.
Courtesy of Harsh Thakker
On average, homes in Richmond sell after 11 days on the market. That’s a lot faster than the nationwide average of 44 days, according to Redfin data.
Redfin also noted that, in Richmond, “many homes get multiple offers, some with waived contingencies. The average homes sell for about 2% above list price and go pending in around 11 days. Hot homes can sell for about 6% above list price and go pending in around 4 days.”
Plus, “it’s a top market for job creation,” said Thakker. “They just broke ground on a $1 billion Lego factory, which will add about 1,500 jobs, Coca-Cola has a bottling plant there which is expanding as well, CoStar recently expanded there with their new headquarters, and Capital One is obviously a major employer there that’s always adding jobs. Overall, we think that the economy there is resilient and that there’s still much more housing that needs to be produced to meet the demand.”
As a developer, Richmond is extremely attractive.
“There’s a noticeable lack of some of the largest players in multi-family and development space in the Richmond area,” Thakker explained. “The Greystars or the Blackstones are not as active in Richmond as they are in markets like Phoenix, Atlanta, or others where you might be facing competition from investors with much bigger pockets.”
Plus, it’s more affordable to develop in a city like Richmond than it would be in bigger cities.
Courtesy of Harsh Thakker
For example, “the construction cost differential between Richmond and DC is 15% to 20% in some instances,” said Thakker. “We just don’t feel that there’s a 20% premium now to be living in DC versus Richmond with the advance of remote work and with the developments of local downtowns to become more amenitized and have better restaurants, better attractions, and things like that.”
For now, Thakker doesn’t see Dorado expanding elsewhere: “We’re really focusing on Richmond. We definitely see the local economy there continuing to improve and remaining unaffected from these broader trends. And the general cost of living, cost of land, and cost of construction are all still very reasonable.”
It’s the final day of the Battle 4 Atlantis and the West Virginia Mountaineers are hoping to leave the Bahamas with a third-place finish in the event. Winning the whole thing would have been extremely impressive considering the field, but Darian DeVries’ squad has already notched a key resume-building win over Gonzaga and can do so again today against No. 24 Arizona.
Here are my picks for today’s game. Odds courtesy of FanDuel Sportsbook.
1 Star – Not very confident
2 Star – A little confident
3 Star – Fairly confident
4 Star – Very confident
5 Star – Should be a lock to happen
3-star play on Arizona (-6.5): This is a really tough matchup for the Mountaineers playing its third game in three days. When these two meet later in the year, I believe WVU will put together a much stronger showing and potentially even win the game. Not there, though.
The Wildcats have a nine-man rotation, which occasionally will be a ten-man. WVU’s key players have logged a ton of minutes over the last two days, with both games going to overtime. As evidenced in yesterday’s game, if the Mountaineers face serious foul trouble, it impacts them more than most teams due to a lack of depth. Amani Hansberry should be able to produce a third straight big game, but if he starts picking up fouls left and right, WVU will be in trouble. Arizona’s guard-heavy lineup will attack and finish around the rim with ease.
I’ve got the Wildcats pulling away with a strong second half.
1-star play on the under: Arizona is a high-scoring team that likes to push the tempo. They’ve averaged 67 field goal attempts in this tournament, whereas WVU has attempted 59 and 63 in games that went to overtime. For West Virginia to win, they’re going to have to slow things down when they have the ball, much like they did in the opening-round game against Gonzaga.
I mentioned fatigue setting in as a possibility in the WVU-Louisville game yesterday, and although Darian DeVries isn’t using that as an excuse, you can tell it played a factor for both teams, especially in the first half. Both squads looked sloppy, slow, and disjointed. I seriously doubt WVU and Arizona will have an extra bounce in their step today, playing for the third time in three days and in a game deciding who takes home third place.
ATS: 3-3 (50%)
O/U: 4-2 (66%)
Overall: 7-5 (58%)
Odds Disclaimer
Game odds refresh periodically and are subject to change.
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A Virginia woman has been arrested and charged in connection with a murder-for-hire plot, according to the Henry County Sheriff’s office.
Gennevieve McGhee, 44, was allegedly captured via audio and video evidence in the meticulous planning of a murder for hire, the sheriff’s office said.
McGhee is accused of meeting with a confidential source at her residence in Ridgeway, Virginia. The source was acting under law enforcement direction and utilizing a recording device to capture evidence.
TEXAS INFLUENCER SENTENCED TO 10 YEARS IN PRISON FOR MURDER-FOR-HIRE PLOT
Henry County Sheriff’s Office charged Gennevieve McGhee, 44, with criminal solicitation of murder following an investigation that revealed her alleged involvement in planning a murder for hire. (Henry County Sheriff’s Office)
She allegedly discussed detailed instructions on payment arrangements and instructions for carrying out a robbery and murder.
McGhee is charged with criminal solicitation of murder and conspiracy to commit a felony.
INDIAN INTELLIGENCE OFFICIAL CHARGED IN MURDER-FOR-HIRE PLOT ON SIKH SEPARATIST LEADER IN NEW YORK CITY
Gennevieve McGhee, 44, is charged with criminal solicitation of murder and conspiracy to commit a felony. (iStock)
McGhee was taken into custody by deputies from the Henry County Sheriff’s Office on Wednesday and is being held at the Henry County Adult Detention Center with no bond.
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The case remains under review by the Henry County Commonwealth’s Attorney’s Office.
Additional information on the case is not available at this time, officials said.
The West Virginia Mountaineers (4-2) will meet the No. 24 Arizona Wildcats in the third place game of the Battle 4 Atlantis midseason tournament for the sixth meeting between the two programs.
West Virginia vs. Arizona Series History
Arizona leads 2-3
Last Meeting: March 28, 2008 (NCAA Tournament) WVU 75-65
When: Friday, November 29
Location: Paradise Island, Bahamas, Imperial Arena (3,900)
Tip-off: 3:00 p.m. EST
Stream: ESPN2
Announcers: Beth Mowins and Debbie Antonelli
Radio: Tony Caridi (PBP), Brad Howe (analyst) Mountaineer Sports Network from Learfield IMG College(Radio affiliates)
WVU Game Notes
– West Virginia was scheduled to play in the 2020 Battle 4 Atlantis. The tournament was moved to Sioux Falls, S.D., due to COVID, and the Mountaineers won the renamed Bad Boy Mowers Crossover Classic.
– WVU is 45-16 in in-season tournaments since 2007.
– With a win over No. 3 Gonzaga, WVU defeated a Top 5 AP team for the second consecutive season. Last season, the Mountaineers downed No. 3 Kansas in Morgantown, 91-85.
– Prior to the overtime win over No. 3 Gonzaga, WVU had lost six straight overtime games.
– This is WVU’s fourth trip outside the United States and Puerto Rico to play a regular season game. WVU played in Cancun in 2013 and 2019 and opened the season in Germany in the 2017 Armed Forces Classic.
– West Virginia is the only team in the country that has two players on the same team who averaged more than 20 points per game from last season — Tucker DeVries (21.6 ppg) and Jayden Stone (20.8 ppg)
– West Virginia is 201-55 against nonconference teams in regular season games in the last 21 seasons.
– The Mountaineers have posted a winning nonconference record in 31 of the last 32 seasons.
– WVU is 265-99 in its last 362 games against unranked teams, including winners of 148 of its last 180 at the WVU Coliseum.
– This is the 116th season and 122nd year overall for WVU basketball, which began in 1903.
– Darian DeVries, who led Drake to six consecutive 20-win seasons and has a career .731 winning percentage as a head coach, was named the 23rd head men’s basketball coach at West Virginia University on March 24, 2024.
– DeVries has a record of 154-57 (.731) in seven seasons as a head coach, including a 59-16 (.787) mark in the last two-plus seasons.
– This past August, the men’s basketball team went to Italy for a 10-day tour and won all three of its games against international competition.
– West Virginia returns just 2.8 percent of its scoring from last season’s team (Ofri Naveh).
– The Mountaineers are led by a pair of transfers in Tucker DeVries (Drake) and Javon Small (Oklahoma State). Last season, DeVries was named an Associated Press All-American Honorable Mention selection, while Small earned All-Big 12 Honorable Mention honors.
– In addition, Eduardo Andre (Fresno State), Joseph Yesufu (Washington State), Sencire Harris (Illinois), Amani Hansberry (Illinois) and Jayden Stone (Detroit Mercy) will all see considerable action this season.
– Tucker DeVries was named to the 20-member Julius Erving Preseason Watch List, giving annually to the nation’s top small forward.
– Tucker DeVries was named to the preseason Naismith Trophy Men’s College Player of the Year Watch List.
– Tucker DeVries was named to the John R. Wooden Award Top 50 Preseason Watch List.
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