Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
GW Real Estate Partners, Virtus Break Ground on Class A Charlottesville Apartments
GW Real Estate Partners and Austin-based Virtus Real Estate Capital have broken ground on a new, Class A apartment project at the entrance to North Pointe, a 224-acre mixed-use community north of Charlottesville, VA. The Ridge at North Pointe is strategically located across from the University of Virginia’s North Fork Research Park and adjacent to the National Ground Intelligence Center.
Construction financing was provided by United Bank. The community is scheduled to deliver in the second quarter of 2024.
“Charlottesville’s strong regional economy, high quality of life, and the presence of the University of Virginia are consistently generating strong demand for housing in the metro,” said Robert Gordon, a principal at GW Real Estate Partners. “With limited new apartment supply expected, The Ridge at North Pointe is poised to perform well.”
This is GW Real Estate’s second ground-up multifamily development in Virginia. The firm broke ground on the 265-unit Montage at Marquis Apartments in Williamsburg late last year. That project is scheduled to deliver in the first quarter of 2024.
- ◦Development
