WASHINGTON, July 18, 2016 /PRNewswire/ -- Akridge
announced the sale of The Preserve at Westfields to Elm Street
Development and Northwood Ravin. The sale is the culmination of
Akridge's efforts to successfully rezone the site from 1.2 million
square feet of office into an active mixed-use development within
Westfields. Westfields is located just south of Dulles
International Airport off of Route 28 in Fairfax County.
The development includes 155 townhomes, up to 650 multifamily
units, and up to 15,000 square feet of retail. The project boasts a
number of community spaces, including an amphitheater, pavilion,
nature trail, and lake at the heart of the development. This
community space will foster a communal, neighborhood atmosphere and
can be used to host farmers markets, screen on the green events,
and more. The project is also located next to the planned Wegmans
retail development.
"Akridge is excited to collaborate with Northwood Ravin and Elm
Street Development on these projects," said Matt Klein, president of Akridge. "They are
highly respected developers who will carry out our plan to deliver
a vibrant, engaging neighborhood to the Westfields community."
Akridge finalized the sale of the townhome component of The
Preserve to Elm Street Development in May
2016. Construction is slated to begin in July 2016, with the first townhome scheduled to
deliver in the summer of 2017.
"Westfields has always been one of Fairfax County's premier
office parks. Elm Street is proud to be part of Westfields'
transition into an exciting mixed use community where people work,
live, and shop," said James Perry,
Vice President and Principal of Elm Street Development.
Akridge finalized the sale of the multi-family and retail
component of The Preserve to Northwood Ravin in late June 2016. John
Sheridan and Nathan Barth of
CBRE's Multifamily Investment Property team represented Akridge in
the transaction.
"With the surrounding employment base, pristine natural setting,
and the future Wegmans nearby, Preserve at Westfields is the ideal
first step into the DC region for Northwood Ravin. We're
excited to carry forward the vision of creating a more sustainable
live, work, play environment in Westfields," added David Ravin,
President and CEO of Northwood Ravin. Northwood Ravin will
design a unique signature apartment experience specifically for the
Westfields submarket. In addition to the community features
such as the amphitheater and nature trail, the multifamily project
will include contemporary floor plans with luxury finishes and
amenities such as a resort-style spa, a health club featuring the
latest equipment for a range of work outs from Yoga to Crossfit,
resident co-working space, a pet run and spa, and retail
shops. Construction on the first phase of the multifamily
development is expected to start late summer 2017 with delivery of
the first units and retail in late 2018.
About Akridge
Akridge is a comprehensive real estate services company that has
invested in the Washington
Metropolitan area for over four decades. It provides acquisitions,
design and construction management, development, finance and asset
management, leasing, and property management services. For over 40
years, the company has acquired, developed, or entitled more than
14 million square feet of office, industrial flex, residential,
retail, and entertainment space. Akridge has another 10 million
square feet in its active pipeline, currently manages approximately
4 million square feet, and has a portfolio with an estimated value
of over $2.0 billion. Notable
projects include the 1 million square foot Gallery Place, the
internationally recognized Homer Building, and the 3 million square
foot Burnham Place air rights development project at Union Station.
For more information please visit www.akridge.com.
About Northwood Ravin
Northwood Ravin, a joint venture between Northwood Investors and
Ravin Partners LLC, is a privately held luxury apartment
development, construction and property management firm serving the
Mid-Atlantic and Southeastern United
States. The Northwood Ravin team has developed, managed and
constructed over 46 luxury apartment communities, each individually
designed and crafted for its specific site and submarket. Its
current residential portfolio is comprised of 21 projects and 7,552
units across six states representing a gross capitalization of
approximately $2 billion. Known for
its award-winning sustainable luxury apartments, Northwood Ravin
prides itself on careful planning, precise execution and attention
to detail. Northwood Ravin develops apartment communities and
mixed-use venues with a singular focus: to create communities that
foster healthy lifestyles, neighborhood involvement and appealing
living environments. Northwood Ravin is based in Charlotte, North Carolina with additional
offices in Raleigh, North Carolina
and Tampa, Florida. For
further information on Northwood Ravin, please visit
www.northwoodravin.com.
About Northwood Investors
Northwood Investors is a
privately-held real estate investment advisor that was founded in
2006 by John Z. Kukral, the former
President and CEO of Blackstone Real Estate Advisors. Northwood
employs a fundamental, value-driven investment strategy with a
longer-term outlook. Northwood invests alongside institutional and
private clients in a broad range of real estate and real
estate-related investment opportunities globally, with
approximately $6 billion of assets
under management. The Northwood team has deep experience in
sourcing, executing and managing real estate transactions
worldwide, ranging from office buildings and shopping centers to
hotels and residential investments. For further information
on Northwood Investors, please visit
www.northwoodinvestors.com.
About Elm Street Development
Since its founding in 1977, Elm Street Development has created some
of the finest traditional neighborhood developments and
master-planned communities in the Washington Metropolitan region. It provides
the expertise in land planning, zoning, engineering, architecture,
and site development needed to create vibrant, sustainable
communities. Elm Street has created over 250 communities with over
44,000 residences including a diverse portfolio of mixed-use
projects. Although each project has its own distinct look and feel,
all Elm Street communities share the same dedication to creating
great living environments for residents.
About CBRE, Inc.
CBRE Group, Inc. (NYSE: CBG), a
Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial
real estate services and investment firm (in terms of 2015
revenue). The Company has more than 70,000 employees (excluding
affiliates), and serves real estate owners, investors and occupiers
through more than 400 offices (excluding affiliates) worldwide.
CBRE offers strategic advice and execution for property sales and
leasing; corporate services; property, facilities and project
management; mortgage banking; appraisal and valuation; development
services; investment management; and research and consulting.
Please visit our website at www.cbre.com.
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SOURCE Akridge