Washington Property Co. Acquires Tysons Site For 700-Unit Development
A piece of Tysons' Arbor Row development site that hit the market in January has found a buyer.
Washington Property Co. announced Friday it acquired the 5.2-acre parcel and plans to break ground within one to two years on two apartment buildings totaling 700 units.
Lone Star Funds, a private equity giant that has been on a D.C.-area selling spree, retained CBRE's John Sheridan to sell the site. The parties have not disclosed the sale price.
The property sits on Westpark Drive, just north of the Tysons Galleria and Tysons Corner Center malls. It is part of the 19-acre Arbor Row development. Master-planned by Cityline Partners, Arbor Row includes a 461-unit apartment building that delivered in 2016, a 20-story condo tower that broke ground in April and a high-rise senior housing project that received final approval last month.
The latest component from Bethesda-based Washington Property Co. would include two mid-rise buildings with the developer's Solaire brand. WPC has built four Solaire projects in Montgomery County with a fifth expected to break ground this year, and the Arbow Row project would be the first in Virginia. The building is planned to include 8K SF of retail, several amenities for residents, private balconies, quartz countertops and stainless steel appliances.
"We are excited to bring the Solaire lifestyle to the most appealing neighborhood in the new Tysons," WPC Senior Vice President of Development Daryl South said in a release.
