As a construction company that specializes in the intricate and time-sensitive process of installing interior finishing hardware in large-scale apartment and condominium communities, we at CIP Finishes can tell you first-hand that this is one business that didn’t miss a beat during the past two years of the COVID-19 crisis. While materials sourcing and inflation added immense pressure to our jobs, the multifamily housing industry did not slow a bit, and it’s continuing on a strong trajectory as we exit the pandemic.
And there’s good reason for that—this industry is working hard to catch up with the inventory needs of a growing population. Look at any recent report on home sales in the greater Washington, D.C. region, and you’ll see that there just aren’t enough homes for the number of people who want to buy them. We are entering a period where our two largest generations—millennials and baby boomers—are in many cases competing for the same housing, as millennials seek low-maintenance homes in walkable urban communities, and baby boomers trade their single-family homes for this same living experience.
Amid these demographic shifts, our region’s housing supply is still recovering from the hit it took during the Great Recession. A recent report for the Virginia legislature found that Virginia is building around 30,000 new homes per year—half the rate of production the state saw in the mid-2000s. The state’s population has grown by 10.2% since 2008, while housing supply has only grown by 8.7%. And since households of only one or two members are growing faster than larger families, as the report found, it’s easy to see why vacancy rates in high-quality multifamily communities are historically low.
We are proud to be playing a role in bringing much-needed high-quality homes to market in modern, beautiful multifamily communities. These are projects that are transforming neighborhoods as they bring more housing close to transit, shops, restaurants and other attractions. Some of our recent project sales are good examples.
We are proud to be currently furnishing a wide variety of items, including outdoor kitchens, pet washing stations, unit- and common-area bath accessories and more for general contractor HITT Construction at The Yards Parcel 1. This 379-unit mixed-use development near Metro’s Green Line, Yards Park and one block from Nationals Park in Washington, D.C., marks one of our million-dollar-plus jobs.
We are also excited to have recently been selected to furnish a variety of unit and common-area items for general contractor CBG Building Company for 7000 Wisconsin, a 14-story mixed-use high-rise with luxury amenities in Chevy Chase, Md.
We also recently sold:
- Silver Hills at Innsbrook, 246 units in Innsbrook, Va., for Dominion Construction Partners.
- Fieldside Commons, 484 units in Baltimore, Md., for Sage Ventures.
- Oak Hill, 335 units in Goochland County, Va., for Fortune Johnson.
We see every day the high level of finishes, products and amenities developers are putting into these projects. (Hear our CEO, Paul Milde, talk about how finishing hardware is evolving with modern technology in this video.) These projects truly are creating the homes of tomorrow, and we couldn’t be happier to play a role.