In joint venture with RSE Capital Partners, a subsidiary of Fundrise, McDowell Properties has acquired Chase Heritage in Sterling, VA, strategically located within the Dulles Tech Corridor and less than one mile from Dulles International Airport, Dulles Town Center, and numerous other attractive demand drivers. Northern Virginia will soon be home to Amazon’s HQ2, which will create 25,000 jobs in the area, 1,000 of which have already been filled as of January 2021.
The 236-unit complex, which was built in 1986, is well positioned for a value-add strategy to 100% of units, consisting of full upgrades to the 41% classics, completion/modernization of the 59% prior generation upgraded units, and adding private yards to ground floor units. Additionally, there are opportunities to improve curb appeal, amenity spaces and common areas, and take a more hands-on approach to management. The common area and amenity enhancements will include refreshed clubhouse and property office spaces, new fitness center, and upgrades to the pool, pool area, grilling stations, playground, and dog park.
The property benefits from excellent accessibility to major area employers from its central location within the Dulles Tech Corridor, which today has over 150,000 high-paying jobs across a diverse field of industries and is seeing significant further economic expansion. Amazon’s commitment to HQ2 has spurred nearly $4 billion in transit development for Northern Virginia alone, which includes the expansion of the Silver Line, where the Innovation Center park-and-ride stop will be accessible less than a 10-minute drive from Chase Heritage and will further improve tenants’ access to the Washington D.C. MSA.
About McDowell Properties:
McDowell Properties, which has six offices across the United States, invests in multifamily assets across the risk spectrum including debt, affordable housing, core plus and value-add investments. Since 2004, McDowell Properties has acquired over $3 billion of multifamily assets (over 40,000 units) and has been an active buyer of subordinate CMBS debt secured by multifamily loans (total loan balances of $16 billion and are secured by over 232,000 apartment units).
About Fundrise and RSE Capital Partners:
www.fundrise.com | www.rsecap.com
Fundrise, and its subsidiary RSE Capital Partners, is a principal investor in exceptional residential and commercial real estate across the United States. They have invested in over $5 billion of institutional-quality real estate, including over 20,000 multifamily units in 25 states.