NRP Group Developing NoVA Multifamily With Home Offices
A joint venture between The NRP Group and real estate investor Angelo Gordon has broken ground on Lake Pointe, a multifamily community in Woodbridge, Va., Commercial Observer has learned.
The 15-acre site will be transformed into five four- and five-story buildings comprising 355 units. The development will be the first residential project in the mixed-use area known as the Landing at Prince William.
“Lake Pointe has been designed to provide unit designs and amenities that are carefully curated for a post-pandemic lifestyle,” Josh Wooldridge, senior vice president of development at The NRP Group, told CO. “These features include larger units and, more specifically, dens that can be utilized as home offices. The project will feature various work-from-home spaces, both private and semi-private, available throughout the project’s amenity areas.”
Lake Pointe will include additional amenities such as an oversized fitness center, a pool deck, a dog park and a playground.
The partnership acquired the land for $8 million in March and financed the project with a loan from Santander Bank. No further financing details were disclosed.
The site is 20 miles south of Washington, D.C., and within walking distance of a new Kaiser Permanente health care hub and retail establishments such as Target, Panera, Chick-fil-A, Best Buy and Starbucks.
With demand for multifamily rental housing throughout the mid-Atlantic region continuing to rise, NRP hopes to continue expanding its footprint within the region to help support that need.
For instance, last month the company closed on a $61 million construction loan to develop Hyattsville Crossing, a 361-unit multifamily community in Hyattsville, Md., with EJF Capital.
“Due to a variety of factors, virtually all areas of the D.C. metro are suffering from a lack of new multifamily supply, and this housing deficit is particularly acute in some of the outlying mid-Atlantic suburbs like Prince William County,” Wooldridge said. “NRP is committed to executing our strategy of delivering the finest-quality housing in walkable locations that are convenient to mass transit, major employers and retail options, so future residents can focus on a low-maintenance lifestyle.”
Keith Loria can be reached at Kloria@commercialobserver.com.