DULLES, VA-Akridge announced on Monday that it sold the Preserve at Westfields to two buyers -- the McLean, VA-based Elm Street Development and Northwood Ravin of Charlotte, NC.
Akridge has rezoned the site from 1.2 million square feet of office into a mixed-use development that will have 155 town homes, 650 multifamily units and 15,000 square feet of retail.
Akridge finalized the sale of the town home component of The Preserve to Elm Street Development in May 2016. Construction is slated to begin this month, with the first town homes scheduled to deliver in the summer of 2017. The sale of the multifamily and retail component to Northwood Ravin was finalized late last month. John Sheridan and Nathan Barth of CBRE's Multifamily Investment Property team represented Akridge in the transaction.
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.
This is Northwood Ravin's first project in the DC area.
DULLES, VA-Akridge announced on Monday that it sold the Preserve at Westfields to two buyers -- the McLean, VA-based Elm Street Development and Northwood Ravin of Charlotte, NC.
Akridge has rezoned the site from 1.2 million square feet of office into a mixed-use development that will have 155 town homes, 650 multifamily units and 15,000 square feet of retail.
Akridge finalized the sale of the town home component of The Preserve to Elm Street Development in May 2016. Construction is slated to begin this month, with the first town homes scheduled to deliver in the summer of 2017. The sale of the multifamily and retail component to Northwood Ravin was finalized late last month. John Sheridan and Nathan Barth of CBRE's Multifamily Investment Property team represented Akridge in the transaction.
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.
This is Northwood Ravin's first project in the DC area.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
