Greystar Real Estate Partners LLC is a key player in the development of two apartment communities in prime locations in Northern Virginia. The Charleston-S.C.-based firm is doing a joint venture with The Carlyle Group, a Washington, D.C., investment firm, to build a 288-unit apartment community near the Potomac Mills shopping center. The project, on Jefferson Davis Highway, is scheduled for completion in 2013.
In another joint venture with Prudential Real Estate, Greystar recently closed on the purchase of 1.5 acres near the future Tysons West Metro Center now under construction at Tysons Corner. The companies plan to develop the site into the Ascent, a 26-story, 404-unit, high-rise apartment community that will be managed by Greystar. The property, acquired from the Georgelas Group and Dierman Realty group, is part of a larger 7 million-square-foot, mixed-use development known as Spring Hill Station. Construction should begin this spring with the project’s completion expected by mid-2014. JP Morgan Chase and RSB Citizens are the construction lenders.
Greystar manages more than 190,000 apartment units in more than 100 markets and has invested nearly $3 billion in multifamily projects since the firm opened for business in 1993.
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