Hoffman & Associates Establishes $65M Fund for Development Projects
By Keith Loria August 5, 2022 1:09 pm
reprints
Hoffman & Associates, the developer behind Washington, D.C.’s $3.6 billion waterfront neighborhood The Wharf, has created a $65 million General Partner Fund, an investment vehicle that will target development projects currently led by the company.
“We are seeing many opportunities across the mid-Atlantic and Southeast, and this fund will help us act swiftly on any such early stage initiatives and opportunities,” Jon McAvoy, chief investment officer for Hoffman & Associates, told Commercial Observer. “The Fund will be targeted at Hoffman & Associates’ steadily growing pipeline of community-focused projects, including both large-scale mixed-use neighborhoods and mixed-use residential offerings.”
Over the next two to three years, the fund intends to deploy its capital base at projects such as West Falls, an expansive nearly 10-acre mixed-use project in Falls Church; and 4600 Fairfax Drive, a 530,000-square-foot multifamily development in the Ballston neighborhood of Arlington featuring apartments and townhome-style residences.
It also has several products in Raleigh, N.C., including RUS Bus, a 500,000-square-foot transit-oriented mixed-use residential development, and Seaboard Station, which will include 600 residences in three buildings total, with the first phase set to deliver this fall, which will include 30,000 square feet of street-level retail and restaurant space.
“The fund will help us continue to grow because it gives our team an advantage when it comes to future opportunities, allowing us to deploy discretionary capital as we focus on project acquisition and execution,” McAvoy said. “This will support our continued growth across the region and into new markets.”
Keith Loria can be reached at Kloria@commercialobserver.com.
