Joint Venture Breaks Ground on Residential Component of 3.1 MSF Mixed-Use Project in D.C.

WASHINGTON, D.C. — Urban Atlantic, Hines and Triden Development Group have broken ground on The Vale apartments and The Brooks condominiums at The Parks at Walter Reed in Washington, D.C. The Vale will be situated on a 2.3-acre site along Georgia Avenue and comprise 301 apartments and 18,300 square feet of retail space. PGIM Real Estate, the real estate investment management business of Prudential Financial Inc., will join the joint venture for developing the asset. Capital One provided construction financing for The Vale. The Brooks will be built on the adjoining half-acre site and will offer 89 units. Grosvenor Americas provided construction financing for The Brooks. The ground breaking is the first phase of construction for The Parks at Walter Reed, which will feature 150,000 square feet of grocery-anchored retail space; 1,200 residential units, including 432 affordable units; office space; parks; two foreign language immersion charter schools; and ambulatory care by Howard University. More than $300 million has been invested in the 66-acre campus, which is being developed in a public-private partnership with The District of Columbia.