REBusinessOnline

JBG Smith to Break Ground on Potomac Yard in Alexandria, Including Virginia Tech’s $1B Innovation Campus

ALEXANDRIA, VA. — JBG Smith will break ground on Potomac Yard in Alexandria this month. Phase I of the project will span 1.7 million square feet and include four office towers and two residential buildings with ground-level retail space. Potomac Yard will be situated less than two miles from Amazon’s HQ2 future site. Bethesda, Md.-based JBG Smith is building the property on behalf of Virginia Tech and JPMorgan, which received approval in December from the City of Alexandria to move forward …

Development, Mixed-Use, Southeast, Virginia

Liberty University to Redevelop Portion of River Ridge Mall in Lynchburg, Virginia

LYNCHBURG, VA. — Liberty University will redevelop the west end of River Ridge, a regional mall in Lynchburg that the university owns. The enclosed shopping mall is located less than one mile from campus. The university will demolish the Macy’s building in the first quarter of this year and plans to turn the area into an open-air shopping center with a food hall. The renovated shopping area will feature higher store elevations and urban-esque storefront designs, as well as an outdoor venue …

Development, Retail, Southeast, Virginia

Capital Square, Greystar Acquire Land in Richmond to Develop 350-Unit Multifamily Community

RICHMOND, VA. — Capital Square and Greystar have acquired 2.3 acres in Richmond’s Scott’s Addition neighborhood to develop a 350-unit multifamily community. The six-story complex will be situated within an opportunity zone and is expected to feature 380 parking spaces and 15,000 square feet of ground-level retail space. Capital Square is raising capital through CSRA/GS Opportunity Zone V LLC, a $32.4 million project-specific opportunity zone fund. The property will be located at 1601 …

Acquisitions, Development, Multifamily, Southeast, Virginia

Amazon Launches $2B Housing Equity Fund to Preserve, Create 20,000 Affordable Housing Units

SEATTLE — Amazon has launched its Housing Equity Fund, a more than $2 billion commitment to preserve and create over 20,000 affordable housing units in Washington State’s Puget Sound region; Arlington, Va.; and Nashville, Tenn. — three metro areas where the company has or expects to have at least 5,000 employees each in the coming years.Amazon’s first investments include $381.9 million in below-market loans and grants to the nonprofit organization Washington Housing Conservancy …

Affordable Housing, Development, Multifamily, Southeast, Tennessee, Top Stories, Virginia, Washington, Western

Freddie Mac, Fannie Mae to Extend Forbearance Programs to March 31, 2021

MCLEAN, VA. AND WASHINGTON, D.C. — McLean-based Freddie Mac and Washington, D.C.-based Fannie Mae have extended their forbearance programs for multifamily borrowers that have been impacted by the COVID-19 pandemic. Under the programs, multifamily landlords whose properties are financed with a Freddie Mac or Fannie Mae loan can defer their loan payments by showing hardship as a consequence of COVID-19, and by gaining lender approval. The extension now runs through March 31, 2021. The programs …

District of Columbia, Multifamily, Southeast, Virginia

Berkadia Arranges $75M Refinancing Loan for Multifamily Community in Northern Virginia

MANASSAS, VA. — Berkadia has arranged a $75 million refinancing loan for Arcadia Run, a 616-unit multifamily community in Manassas. Allianz Real Estate of America provided the 20-year loan, which features a fixed interest rate below 2.5 percent. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse and a firepit. The asset is situated at 11775 Boltania Drive, 37 miles southwest of downtown Washington, D.C. Andy Ahlers of …

Loans, Multifamily, Southeast, Virginia

JLL Brokers Sale of Two Office Properties in Metro D.C. for $106.5M

HERNDON, VA., AND WASHINGTON, D.C. — JLL Capital Markets has brokered the sale of two office properties owned by WashREIT (NYSE: WRE) in metro Washington, D.C., for a combined $106.5 million. The company sold Monument II, a 200,000-square foot, Class A office building in Herndon, to an affiliate of Westbrook Partners; and 1227 25th St. NW, a 136,540-square-foot office asset in Washington, D.C., to an undisclosed buyer.Completed in 2000, Monument II is an eight-story office building …

District of Columbia, Office, Southeast, Top Stories, Virginia

JBG Smith Completes Redevelopment of Office Building as Part of Amazon’s HQ2 in Northern Virginia

ARLINGTON, VA. — JBG Smith has completed the redevelopment of a 273,000-square-foot office building for Amazon as part of the e-commerce giant’s HQ2 in Arlington’s National Landing district. The Seattle-based company will fully occupy the 14-story building, which is situated at 1770 Crystal Drive. The delivery comes two years after Amazon chose Arlington as the site for its second headquarter location. Bethesda, Md.-based JBG Smith completed the asset two quarters ahead of schedule and …

Development, Office, Southeast, Virginia

Investment Partnership Acquires Multifamily Community in Northern Virginia for $84M

ANNANDALE, VA. — A partnership between The Donaldson Group, Declaration Partners and DRA Advisors has acquired Fairmont Garden Apartments, a 388-unit property in Annandale, for $84 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a barbecue area, pool and a playground. The asset is located at 4137 Wadsworth Court, 18 miles west of downtown Washington, D.C. The buyers plan to upgrade the HVAC units in each apartment. Jonathan Greenberg of CBRE …

Acquisitions, Multifamily, Southeast, Virginia

Balboa, Opus Begin Construction on 428-Bed Student Housing Community in Richmond

RICHMOND, VA. — A joint venture between Balboa Real Estate Partners and The Opus Group has broken ground on Ascend Richmond. The 428-bed student housing community will be located near the Virginia Commonwealth University campus. The project will offer a mix of studio, one-, two-, three- and four-bedroom units. Communal amenities will include an outdoor terrace, pool, a fitness center and lounge areas. Rabren General Contractors is the general contractor for the project. A timeline for …

Development, Multifamily, Southeast, Student Housing, Virginia
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