The NRP Group Breaks Ground on Highland District, a 389-unit Upscale Rental
Apartment Community in Tysons Corner, Va.
TYSONS CORNER, Va. (May 19, 2020) – The NRP Group , a vertically integrated, best-in-class developer, builder and manager of multifamily housing, has broken ground on Highland District, a 389-unit transit-oriented apartment community in Tysons Corner, Virginia. Located at 176 Old Meadow Road, the five-story midrise community is being built in partnership with real estate investment firm, PointOne Holdings.
Highland District will offer upscale residences with high-end, condo-quality finishes, and a collection of community features that include a spacious resident clubhouse with gaming rooms; workspaces; concierge; package concierge; fitness center with separate spin and cardio studios; infinity edge pool; yoga lawns; outdoor grilling areas; jogging paths; and other amenities along Scotts Run Creek.
“The transformation of Tysons Corner from one of the world’s largest office parks to a world-class, mixed-use, walkable community is well underway,” said Josh Wooldridge, vice president of development at The NRP Group. “Highland District is the perfect locale for working professionals who desire a convenient commute to Tysons, downtown D.C. or out the Dulles Toll Road. We’re seeing tremendous growth in the Tysons area and our new upscale community will add to that momentum.”
Highland District will be situated less than a half-mile from Route 123, the McLean Metro Station (Silver Line) and the I-495 Capital Beltway/Route 123 interchange. The property will be walkable to Capital One’s new world headquarters campus, which will include over five million square feet of office, hotel, residential, dining, recreational and retail space, including a brand new Wegmans, a 1,600-seat performing arts center and 300-seat black box theater. Highland District will also be proximate to the existing Northrop Grumman and MITRE campuses along with the new Archer Hotel, now under construction, and several million square feet of commercial and mixed-use developments announced by Akridge, Cityline Partners, and Skanska.
“We are thrilled to begin construction on a second development with PointOne as our capital partner,” says George Currall, Principal and Managing Director of Capital Markets at The NRP
Group. “Between Austin and Washington, D.C., they have selected two of the strongest markets in the nation, and specific sites within these markets that have a great deal of potential upside. PointOne devotes considerable attention to due diligence and is quite adept at recognizing well-placed infill projects in strong metros where there is a great opportunity to create significant upside value. PointOne is a Class A organization of consummate professionals and we hope to build many more phenomenal assets with them in the future.”
A fully-funded bicycle and pedestrian path that includes a bridge over the Capital Beltway will connect the Highland District to Tysons Corner Center, the largest mall in Virginia and one of the top 10 largest in the country, via Old Meadow Road. The nearby Scott’s Run Bicycle and
Pedestrian Connection is currently under construction.
“We are honored to partner once again with NRP on this unique residential development project,” said Leo Peicher, PointOne Holdings’ managing partner. “We are also enormously thankful to our investors, who understand this tremendous opportunity and who, notwithstanding the existing challenges, have supported our decision to move forward with this project, knowing that when it is delivered, it will be exceptionally well-positioned.”
Highland District is expected to be complete in summer 2022.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in class multifamily housing. Since its founding in 1994, NRP has developed more than 43,000 apartment homes, and currently manages over 23,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income.
Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market rate, affordable, and senior housing. The NRP Group has been named the 2020 NMHC #6 Top Multifamily Builder in the U.S. and #7 Top Multifamily Developer, and Affordable Housing Finance has named The NRP Group #4 Top Affordable Housing Developer. The NRP Group is a three-time recipient of the National Association of Builders Multifamily (NAHB) Pillars of the Industry award for national “Development Firm of the Year.” NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com
About PointOne Holdings
PointOne Holdings is a real estate investment firm headquartered in South Florida and Atlanta with properties located throughout the Southeastern United States and Texas. The firm owns and manages a diversified portfolio of residential and commercial assets valued in excess of$730 million. PointOne Holdings’ principals are seasoned professionals with over 40 years of combined experience who have collectively conducted over $2 billion in real estate transactions. Lean more by visiting https://pointoneholdings.com/