16B — October 30 - November 12, 2020 — Owners, Developers & Managers — M id A tlantic Real Estate Journal


P eople on the M ove

Costello joins Gilbane Building Co. in Richmond, VA

Supporting our local first responders BRAVO! Group Services donates disinfecting equipment

market inside and out,” said Ms. Costello. “I’m proud to join the team and support current and potential clients through- out Virginia.” Costello received her Mini Master of Business Admin- istration (MMBA) from the University of Richmond. In 2019 she graduated from the LEADVirginia program, which brings together leaders across Virginia to explore challenges and opportunities facing the Commonwealth. Costello is currently the president of the Central Virginia Chapter of Women in Healthcare . She’s a former board member of the Urban Land Institute (ULI) , the Storefront for Community Design and Commercial Real Estate Women (CREW) . She also sits on the planning committee for the Construction Owner’s Association of America (COAA) and is a member of the Greater Richmond As- sociation of Commercial Real Estate (GRACRE) and Commercial Real Estate Women (CREW) . Gilbane provides a full slate of construction and facilities- related services from pre-con- struction planning and inte- grated consulting capabilities to comprehensive construction management, general contract- ing, design-build and facility management services MAREJ excess $50,000 received would be considered recognized and taxable gain in the year re- ceived and would not be eligi- ble for deferral. It’s important that taxpayers keep that part of the rules in mind following the receipt of proceeds, as it can result in an unexpected tax bill that could have easily been planned for and avoided. Although no taxpayer wants to be in a situation where an involuntary conversion would be an option, it has been and remains a valuable resource within the tax code for real estate owners to get through some of the toughest times imaginable by avoiding the significant tax burden of con - version or sale of real estate. It’s important that taxpayers reach out to their trusted tax advisor to ensure they don’t miss out on gain deferral op- portunities and also follow the process correctly to ensure qualified gain deferral. Matthew Young, CPA is a taxmanager at Withum. MAREJ

RICHMOND, VA — Gil- bane Building Company an- nounced the addition of Kristen

Costello as its business development manager in R i c hmo nd , VA. C o s t e l l o has a com- prehens i ve background

B RIDGEWATER, NJ — BRAVO! Group Services , one of the largest, privately held facil- ity solutions companies in the country, recently donated disinfecting equipment to the police and fire departments of Bridgewater Twp., Quak- ertown, and Franklin Twp. Karen Martinez , BRAVO! president & CEO, and Frank Wardzinski , BRAVO! COO, made the donations which con- sisted of electrostatic sprayers and EPA-approved disinfect- ing solution. The BRAVO! team trained the first respond - ers on how to use the disin- fecting equipment to protect against viruses and bacteria throughout their departments and vehicles. VIRGINIA BEACH, VA — Lawson is proud to receive the 2020 Home Builders Asso- ciation of Virginia Multifamily Project of the Year Award for Seaside Harbor Apartments. The Home Builders Associa- tion of Virginia is a trade as- sociation dedicated to enhanc- ing and protecting housing in Virginia. HBAV selected Seaside Har- bor for the award for its overall architecture, design appeal, functionality and creative plan integration in apartment liv- ing. Seaside Harbor is an eco- friendly EarthCraft Certi- fied state-of-the-art workforce housing community located three blocks from the Ocean- front in Virginia Beach’s ViBe Creative District. The commu- nity provides affordable hous- ing with high-end amenities to low-income families in the Virginia Beach resort area. Seaside has been nationally recognized for its inclusiveness and a unique partnership with local charity Samaritan House that generates revenue for WASHINGTON, DC — Edge has added a third member to its growing Mul- tifamily Capital Markets Group with the recruitment of Rawles Wilcox as part- ner. Wilcox brings 17 years of diversified multifami- ly experience to the team, which was founded earlier

Kristin Costello

in construction and commercial real estate. She has worked in the industry for 17 years devel- oping client relationships and delivering value for her clients in various markets including healthcare and higher educa- tion. At Gilbane Costello will focus on expanding Gilbane’s presence across multiple mar- ket sectors throughout Rich- mond. “Kristen’s client-focused mindset and background in market analysis is the per- fect addition to our Richmond team,” said Colin Robinson business unit leader for Gilbane Building Company’s Richmond office. “Our Richmond opera - tions have grown two-fold over the last three years, and we’re thrilled to continue our growth with Kristen leading our busi- ness development strategy.” “Gilbane has the resources of a national firm, but with a tight-knit team that under- stands the local Richmond but rather are considered to have made the election by not including that realized gain in the gross income on that year’s tax return. From that point on, the taxpayer is required to main- tain their tax basis in their replacement property up until the time of sale, at which point the entirety of the deferred gain will be recognized within the overall gain calculation. As an example, if a taxpayer owns destroyed property with a basis of $600,000 and re- ceives insurance proceeds to- taling $650,000, the taxpayer must use the entirety of the $650,000 on the replacement property. The taxpayer’s basis in the replacement property would then be $600,000, with a deferred gain of $50,000. To expand on the consequences of not using the entirety of the insurance proceeds, if only $600,000 of the total $650,000 proceeds received were used on replacement property, the

Karen Martinez donated disinfecting equipment.

“Keeping our police officers, fire fighters, and EMTs virus- free and healthy is critical to the well-being of the public and our local communities,” said Wardzinski. “Cleanliness and disinfection is what we do

every day for our clients. We made this donation because we are committed to supporting our local first responders by protecting those who protect us, especially during this ongoing COVID-19 pandemic.” MAREJ

Lawson’s Seaside Harbor Apartments recognized as HBAV Multifamily Project of the Year

continued from page 9B Opportunities to utilize involuntary conversions of real estate for natural . . .

Seaside Harbor Apartments

Samaritan House to provide emergency and permanent housing, support, and outreach to victims of domestic violence, human trafficking, and home - lessness. Twenty-five percent of the apartments at Seaside Har- bor meet fully, permanently accessible unit requirements as set by the Uniform Federal Ac- cessibility Standard (USAF) for disabled residents and fifteen percent of the apartments are reserved for developmentally disabled residents capable of this year when Ryan Og- den , formerly senior manag- ing director with Newmark Knight Frank, was tapped to establish the new divi- sion. Based in DC, the group also includes Jared Emery , partner who transitioned from his role as Director of Strategy at Edge.

living independently. Lawson partners with Hope House to provide supportive services to residents with developmental disabilities. Lawson president and CEO Carl Hardee said, “Lawson’s core focus is to positively im- pact the communities we serve. The high standard of living and supportive services available at Seaside Harbor is not typical of workforce housing communi- ties, but it’s a bar we intend to raise again and again.” MAREJ “Attracting Rawles to our team, a seasoned professional withwhom I worked for many years, represents another sig- nificant step forward in our plan to build a robust team both locally and regionally,” said Ryan Ogden, partner of the Edge Multifamily Capital Markets Group. MAREJ

Edge Multifamily Capital Markets Group Adds Rawles Wilcox, Formerly With Colliers International, To Growing

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