Conrad Cafritz, one of Washington's longtime real-estate moguls, has acquired an interest in Legum & Norman Inc., a Washington property-management firm, and joined resources with the company to open a new real-estate and marketing joint venture, L & N Realty Services Inc.
Cafritz, associate Marvin Price and brother Carter Cafritz have acquired David Legum's interest in the 43-year-old firm. The price of the deal was not disclosed.
In addition, Richard J. Leeds, a longtime Legum & Norman executive, has become a partner in the firm along with William Norman. Officers of the company, which will continue to operate as Legum & Norman, will be: Norman, president, Leeds, executive vice president, and Price, secretary and representative for the Cafritz interests.
Cafritz, the second generation of one of Washington's major real-estate families, called the new partnership "one of the largest apartment and community-association management corporations in the mid-Atlantic states."
The deal represents Cafritz's first foray into the area of managing community associations . Legum & Norman has long managed Cafritz properties.
The new company, L & N Realty Services Inc., opens its doors with a staff of 40, two general brokerage offices and separate corporate headquarters in Alexandria.
The firm, headed by Robb Cohen, formerly director of the new homes division of Mt. Vernon Realty, will act as the broker for 18 new homes communities in Montgomery County and Northern Virginia, including the McLean Chase condominiums in McLean, the Olney Green homes in Olney and the Woodside Mews townhouses in Washington.
General Electric Co. has purchased a western Maryland warehouse for a lightbulb-distribution center, officials say.
The firm's lighting business group bought the 150,000-square-foot building on a 22-acre tract in Maugansville from Roper Eastern Corp., said George Fertal, manager of GE's Eastern District Region.
The new operation, which will employ fewer than 10 workers, is expected to open next month.