IDI Group, PTM Partners to Build 318-Unit Multifamily Project in Woodbridge, Virginia
WOODBRIDGE, VA. — The IDI Group Cos., a multifamily developer based in Washington, D.C., and PTM Partners, a real estate development and investment firm, have formed a joint venture to acquire 1000 Annapolis Way in Woodbridge for a future multifamily project totaling 318 units. The $16.6 million land acquisition represents the start of the second phase of IDI’s 720-unit riverfront development. The transaction is the second deal for PTM Partners Opportunity Zone Fund II, which launched in September 2020. IDI and PTM secured a $63.8 million loan from United Bank for the project.
Situated along the Occoquan River, 1000 Annapolis Way will have a mix of one-, two- and three-bedroom apartments. Community amenities will include a health and fitness center, club lounges, roof terrace, outdoor pool with sundeck and resident activities.
The project will provide more housing options for those working at a nearby growing Army base less than eight miles north of the project. Leasing is expected to begin in 2022. The property has immediate access to Interstate 95 and the Virginia Railway Express and is close to Fort Belvoir, which employs more than 50,000 military, civilian, contractor and Department of Defense personnel.