|
“How to Turn a Cow Into a Million Dollars
in Real Estate” might well be the title
of their autobiography, should Dale and Luella
Weed ever decide to write one. Their company was
originally financed through the sale of a prize
cow, given as dowry to Dale Weed when he married
the former Luella Cayea.
Today, Dale is the general partner in 60 partnerships
and owns nearly 1,000 apartments and town homes
in Northern Virginia. Empowered with the slogan
“Never look a gift cow in the mouth,”
he and Luella began a fascinating story of success
in real estate.
In 1951, Dale joined the Navy, which proved to
be not just an adventure, but a ticket around
the globe. After more than a decade of nomadic
Navy life, he and Lu were interested in supplementing
their military income. They became tax accountants,
anticipating a time when they could invest in
their own apartment building. On Lue’s birthday,
January 10th, 1969, Carydale Enterprises was born
in the lower level of their Alexandria home. The
name Carydale was created from a combination of
names within the Weed family – “Ca”
(daughter Carolyn), “ry” (daughter
Sherry) and “Dale”, resulting in a
company name brimming with pride.
In 1969, when rents were an acceptable $100 a
month, the Weeds purchased a small 10-unit building
on 10th Road in Arlington. They became the maintenance,
management, accounting and marketing staff, all
in one.
As their children grew, so did the number of
properties under the Carydale rainbow logo. Each
year the corporation attracted new investors and
financial institutions.
Today, Carydale Enterprises is a thriving company
with communities in Alexandria, Arlington and
Fairfax County.
Most of the revenue gained from the rentals is
recycled into renovations, management, maintenance
and charitable donations. Looking back, Dale stated,
“If we’d wanted to milk the buildings,
we would have kept the cow.”
|
