20 May NRP, PointOne Holdings To Develop Luxury Building in Northern Virginia
TYSONS CORNER, VA—A South Florida real estate investment firm is teaming up with a development company to build a new luxury building here, as major corporations continue to grow their foothold in the region.
PointOne Holdings and the NRP Group are developing the five-story Class-A multifamily community with 390 units.
The building, called Highland District, will feature a “resident clubroom” with gaming rooms, as well as working areas and outdoor features like an infinity edge pool, yoga lawns and outdoor grilling areas. It will also have a fitness center with separate spin and cardio studios, and a package concierge service, according to a release.
The companies highlighted “excellent walkability to over 20,000 jobs at the Capital One Headquarters, Northrop-Grumman and MITRE.” And it also touted Amazon, Microsoft, Facebook and KPMG as also having a presence in the region.
PointOne Holdings is funding the project while NRP will serve as developer, the second such partnership between the companies. George Currall, the principal and managing director of capital markets for the NRP Group, said PointOne Holdings has also sought out projects in both the Austin and D.C. markets, “two of the strongest markets in the nation, and specific sites within these markets that have a great deal of potential upside.”
The project was announced during the COVID-19 pandemic, which has delayed some development. The companies did not provide a timeline for when the project is expected to be completed.
Ben Colonomos, PointOne Holdings’ managing partner, said in a statement he believes the firm’s “proactive and thoughtful approach to this project will help us overcome all near-term challenges, and allow us to deliver a premier property in a solid market at a time in which there will be a limited supply of similar housing options.”