JV FORMS TO BUILD VA. APT. COMPLEX

TYSONS CORNER, VA. — Greystar and Prudential Real Estate Investors (PREI) have formed a joint venture to build the 404-unit Ascent, a high-rise apartment community located at the intersection of Route 7 and Spring Hill Road in Tysons Corner. The 26-story property will be the tallest building in Tysons Corner. Amenities will include a rooftop pool, fitness center and community areas. Greystar will develop and manage the property, John Moriarty & Associates is the general contractor and PREI is acting on behalf of institutional investors. The property is part of the 7 million-square-foot Spring Hill Station, a mixed-use development under construction by the Georgelas Group and Dierman Realty Group, along with partners T-Rex Capital Group and Preminger Investments. Construction on Ascent is slated to begin this spring, with an expected completion in mid-2014.