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PTM Partners, IDI Group Acquire MF Development Site in Woodbridge for $17M
A joint venture between multifamily developer IDI Group and real estate development and investment firm PTM Partners have acquired 1000 Annapolis Way, a 318-unit multifamily development site in Woodbridge, VA. The sales price was $16.6 million.
Situated along the Occoquan River, the property will consist of a mix of one-, two- and three-bedroom units. The development will feature an amenities package including a health and fitness center, club lounges, a roof terrace, an outdoor pool with sundeck and engaging resident activities. The acquisition represents the second phase of IDI’s 720-unit riverfront development and serve as the second deal for PTM Partners’ opportunity zone Fund II.
“We are excited to be partnering with IDI, one of the most respected developers in the Washington metropolitan area,” said Michael Tillman, Chief Executive Officer at PTM. “Our joint goal is to deliver a product-type that is price-accessible to a greater swath of the surrounding resident base in what is currently a supply constrained market.”
- ◦Development
