JLL announced today it has arranged joint venture equity for The Hanover Company’s 412-unit apartment development with ground-floor retail in Northern Virginia’s Tysons Corner submarket.
JLL worked on behalf of The Hanover Company to arrange the joint venture equity partnership with PCCP, LLC.
The property will be situated on a 5.86-acre site at 1500 Westbranch Drive near major area employers and more than six million square feet of retail in the surrounding area. In addition, the transit-oriented development will provide access to the Capital Beltway, the 495 Express Lanes, the Dulles Toll Road and Metrorail’s Silver Line. The six-story property will encompass a mix of 343 market-rate and 69 affordable units, which will average 889 square feet, along with nearly 3,000 square feet of ground-floor retail and 596 residential parking spaces. The project will feature best-in-class unit finishes and common area amenities, including a professionally landscaped courtyard with resort-style pool, firepit and grilling area; clubhouse with demonstration kitchen and multimedia area equipped with a cinema with stadium seating, gaming activities and televisions; fitness center and business/conference rooms. Completion is expected in late 2021.
The JLL Capital Markets team representing the sponsor was led by Managing Directors Cortney Cole, Brian Crivella and Walter Coker.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About Hanover Company
Hanover Company, located in Houston, Texas, stands among the most active private real estate companies in the United States, specializing in the acquisition, development and management of high-quality multifamily residential properties nationwide. With over three decades of experience, Hanover is a vertically integrated company with acquisitions, development, construction, property management and asset management departments strategically focused on garden-style, mixed-use, high-density wood frame and high-rise projects. To date, Hanover’s award-winning project mix totals nearly 56,000 units across the country and more than $12 billion in project costs. U.S. markets include Atlanta, Austin, Baltimore, Boston, Charlotte, Dallas, Denver, Houston, Los Angeles, Orlando, Philadelphia, Phoenix, San Diego, San Francisco and Washington, D.C.
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $9.4 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 21-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has successfully committed $19.8 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital.
JLL is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.