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.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.