Neighborhood Properties

What Neighborhood Properties does

Neighborhood Properties, Inc. is a privately held, founder-owned residential property management and real estate investment company headquartered at 1025 Wertland Street in Charlottesville, Virginia. Founded in December 1980 by Richard T. Spurzem while he was a second-year Echols Scholar at the University of Virginia, the company has operated continuously for over 40 years and today ranks among the five largest private real estate owners in the Charlottesville/Albemarle region based on tax assessments, with Spurzem having owned more than 360 different properties in the City of Charlottesville alone (approximately 2.5% of all city tax parcels).

The company's product is a portfolio of renovated residential rental units spanning 1-bedroom condos and apartments up to 6-bedroom single-family homes, organized across named communities that include Fountain Court (Rio Road), Rivanna Terrace (Pantops), Jefferson Ridge (5th Street Extended), Park Lane and Downtown Historic District Apartments, Turtle Creek, and a Free Union cottage. Properties are differentiated by location quality (proximity to UVA, downtown, and Albemarle County school districts), in-unit amenities (hardwood floors, granite countertops, in-unit washer/dryer, high-speed internet, off-street parking), and community-level amenities at select assets (pool, tennis and basketball courts, fitness center, dog park). The operating technology stack is a thin layer over AppFolio, which provides online listings, the tenant portal, online rent payment, maintenance requests, and lease management; the company runs no proprietary software and has no disclosed AI/ML, data, or platform capabilities of its own.

The business model is direct-to-consumer residential leasing: monthly recurring rent from individual tenants, with marketing and leasing handled in-house through the company website, the AppFolio listing portal, the @neighborhood.properties Instagram channel, and the Charlottesville leasing office. Customer segments are explicitly horizontal across UVA students, young professionals relocating to Charlottesville, families seeking homes in Albemarle County school districts, and roommate groups sharing larger units. Revenue is concentrated entirely in Charlottesville and surrounding Albemarle County, the portfolio has been built through self-funded acquisition and refinancing rather than external equity, and the company reports only 1-10 employees, indicating an owner-operator model augmented by AppFolio's software rather than a scaled institutional operator.

Name

Neighborhood Properties

Legal name

Neighborhood Properties, Inc.

Website

https://neighborhoodprops.com

Company type

Private

Founded year

1980

Operating status

Operating

Headcount range

1–10 employees

Short description

Neighborhood Properties is a privately held Charlottesville, Virginia residential property management company owning 360+ units across Charlottesville and Albemarle County, leasing renovated 1- to 6-bedroom apartments, condos, and homes to UVA students, professionals, families, and roommate groups via a recurring monthly rent model.

Ownership category

akta.pro rank

Product category

Residential Real Estate Rentals

NAICS

Lessors of Residential Buildings and Dwellings (531110), Residential Property Managers (531311)

SIC

Operators Of Apartment Buildings (6513), Real Estate Operators (No Developers) & Lessors (6510)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

akta.pro secondary industry

Student Housing Roommate Matching, Assignments & Occupancy Management (BPAJAJAJ)

Keywords

• Residential property rentals
• Apartment leasing services
• Single-family home rentals
• Rental property management
• Student housing rentals

Headquarters

HQ city

Charlottesville

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Residential Rental Income: Monthly rental payments from tenants occupying apartments, condos, cottages, and single-family homes. Revenue is recurring in nature, collected monthly from residents. Property types range from 1-bedroom to 6-bedroom units across multiple Charlottesville-area communities.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Neighborhood Properties, Inc. owns and operates a portfolio of more than 360 residential rental properties in Charlottesville and Albemarle County, Virginia, leasing apartments, condominiums, cottages, and single-family homes ranging from 1-bedroom to 6-bedroom units. Units are offered directly to tenants through an in-house leasing office and the AppFolio-powered website/tenant portal, with properties concentrated in desirable locations near the University of Virginia, historic downtown Charlottesville, and Albemarle County school districts.

Product overview

Neighborhood Properties is a residential real estate property management company offering a portfolio of rental housing options in Charlottesville, VA, and surrounding Albemarle County areas. The company provides apartments ranging from 1 to 6 bedrooms and single-family homes across multiple named communities: Fountain Court (Rio Road), Rivanna Terrace (Pantops), Jefferson Ridge (5th Street Extended), Park Lane Apartments, Turtle Creek, and various downtown properties. The portfolio is managed through AppFolio's tenant portal for online rent payments, maintenance requests, and lease management. The company was founded in 1980 by Richard T. Spurzem and has grown to become one of the five largest private real estate owners in Charlottesville/Albemarle.

Differentiator

Problem solved

Functional benefit

Products and services

• Fountain Court Multi-unit apartment community located on Rio Road in the Albemarle County school district offering 1 and 2 bedroom units with high-speed internet, in-unit washer/dryer, and ample parking; available to prospective Charlottesville-area tenants.
• Rivanna Terrace Apartment community on Pantops, just off Route 250 near parks, shopping, dining, and historic downtown Charlottesville, featuring 2 bedroom units available to local tenants.
• Jefferson Ridge Multi-bedroom apartment community off 5th Street Extended offering renovated 1, 2, and 3 bedroom units with amenities including a pool, tennis court, basketball court, 16,000 sq ft dog park, clubhouse, and 24/7 fitness center.
• Park Lane Apartments Beautifully renovated 2 bed/1 bath apartments in Historic Downtown Charlottesville near dining, shopping, and entertainment, featuring hardwood floors, granite counters, in-unit washer/dryer, and off-street parking.
• Turtle Creek Condominium community offering spacious 1-bedroom units with solarium, vaulted ceilings, and open layout; top-floor units include modern features, in-unit laundry, and private balcony, located near Downtown, UVA, and Stonefield.
• Free Union Cottage Cozy 2-bedroom, 1-bath cottage in a peaceful country setting with welcoming front porch and nearly level yard, offered as a private retreat rental.
• Downtown Historic District Apartments (Park Street) Luxurious 2 bedroom/2 bathroom apartments ideally located on Park Street in Historic Downtown Charlottesville, featuring hardwood floors, granite countertops, and off-street parking.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Partnerships

One partnership is on record.

• AppFoliocoreTechnology or IntegrationAppFolio provides the property management software platform powering Neighborhood Properties' online listings, tenant portal, maintenance request system, and online rent payment functionality. Residents access the tenant portal at neighborhood.appfolio.com for all residential services.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Greystar Real Estate Partners: Greystar is the largest multifamily property management and investment firm in the US, managing hundreds of thousands of units globally. Comparable as a multifamily operating platform serving student, family, and professional renter segments through owned and third-party managed assets.
• Equity Residential: Equity Residential is one of the largest publicly traded multifamily REITs in the US, operating high-quality apartment communities in urban and high-density suburban markets. Comparable as a scaled institutional landlord-operator with similar urban and suburban apartment offerings.
• AvalonBay Communities: AvalonBay is a publicly traded multifamily REIT that develops, redevelops, acquires, and manages apartment communities, with a portfolio concentrated in the Mid-Atlantic and other high-growth markets. Comparable as a large institutional owner-operator of amenitized multifamily housing.
• Kettler: Kettler is a Mid-Atlantic real estate firm that develops, owns, and manages multifamily and mixed-use properties, including properties in Virginia near Charlottesville. Comparable as a regional multifamily operator with similar amenitized rental offerings.
• Asset Living: Asset Living is one of the largest third-party multifamily property managers in the US, managing properties across the Southeast and Mid-Atlantic. Comparable as a multifamily management platform serving institutional and private owners of residential rental housing.
• Bozzuto Group: Bozzuto is a Mid-Atlantic-focused multifamily developer, owner, and manager with a strong presence in Virginia and the DC metro region. Comparable as a regional residential landlord-operator delivering amenitized apartment communities to similar renter segments.

Direct peers

• Campus Apartments: Campus Apartments is a national student housing owner and operator active at the University of Virginia. Comparable as a UVA-focused student housing landlord competing for the same undergraduate renter base that Neighborhood Properties serves.

Emerging players

• Real Property Management: Real Property Management is a national franchise system providing residential property management services to small and mid-sized landlords. Comparable as a property management services provider for residential rental owners, including single-family and small multifamily portfolios.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Instagraminstagram.com/neighborhood.properties
• LinkedInlinkedin.com/company/neighborhood-properties-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Neighborhood Properties