GW Real Estate Partners, a vertically integrated multifamily construction and development firm, and Austin-based Virtus Real Estate Capital, have broken ground on a new, Class A apartment community at the entrance to North Pointe, a 224-acre mixed-use community north of Charlottesville, Virginia. 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, 20 minutes north of downtown Charlottesville and 100 miles from Washington D.C.

Construction financing for the community 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. We look forward to offering best-in-class housing for residents in a beautiful setting with convenience to the area’s major employment centers.”

 “We are excited about the partnership and opportunity to deliver a top-of-market quality asset with attainable rents in a highly desirable, supply constrained market due to the limited feasibility of new development,” said Max Hand, Vice President at Virtus Real Estate Capital.

Located off Route 29 at the intersection of Northside Drive and Cliffstone Boulevard, The Ridge at North Pointe will consist of 7 three-story, wood-frame, walk-up buildings situated around a central clubhouse and pool deck on a 10-acre site. One-, two- and three-bedroom floor plans will average 988 square feet, and feature keyless entry, quartz countertops, stainless steel appliances, wood-style flooring, in-home washers and dryers, private patio/balcony, 1 GB wireless internet connectivity, and expansive mountain views in select units. There will be surface parking for 502 cars including 14 electronic vehicle (EV) charging stations.

Residents will be able to take advantage of a variety of amenities in the broader North Pointe community, including nine pocket parks with tennis and basketball courts, dog parks, and playgrounds; walking and biking trails providing access to the Rivanna River and creeks; and a future elementary school with soccer and baseball field. Built in phases, North Pointe’s broader community will consist of single-family, duplex/quad and apartment housing, along with an eclectic blend of retail, restaurants, office and medical office space, a hotel site and possibly a senior living facility.

The community is strategically located just off U.S. 29, less than five minutes from UVA’s North Fork research park and National Ground Intelligence Center, two major employment drivers in Albemarle County, and less than 20 minutes from the University of Virginia and the University of Virginia Medical Center, which employ more than 28,000 people. Additionally, it is less than five minutes away from Charlottesville-Albemarle Airport and just minutes from the trendy restaurants and bars in downtown Charlottesville.

The project team for The Ridge at North Pointe includes Heffer Architects, and civil engineer Collins Engineers.  GW Builders, a wholly-owned subsidiary of GW Real Estate Partners, is the general contractor.

This is GW Real Estate Partner’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.

 About GW Real Estate Partners

GW Real Estate Partners is a vertically integrated multifamily development and construction firm based in Charlottesville, Virginia. GW Real Estate Partners focuses on select Mid-Atlantic and Southeast markets with strong fundamentals. The firm’s principals have collectively acquired or developed more than 11,000 units totaling $2.4 billion in property value throughout the United States. For more information, visit www.gwrepartners.com.

 About Virtus Real Estate Capital

 Virtus is a vertically integrated hybrid allocator-operator real estate manager exclusively focused on built space investments in cycle-resilient sectors, including healthcare, education, storage, and middle-income workforce housing. Founded in 2003, Virtus has executed core, core-plus, value-add, and opportunistic strategies totalling approximately $5.8 billion in property investments on behalf of institutional investors, family offices, and financial institutions.  Virtus is privately held and is headquartered in Austin, Texas.  For more information, visit www.virtusre.com.

The $77M Montage at Marquis Apartments will deliver 265 apartments to the Virginia Beach-Norfolk-Newport News metropolitan area

Berkadia announces it has sourced a joint venture equity partner for GW Real Estate Partners, a vertically integrated multifamily development and construction firm, to build a new Class A apartment community in Williamsburg, Va. Construction has already commenced on the $77 million, 265-unit garden-style “Montage at Marquis Apartments,” which is slated for delivery in May 2024.

Cody Kirkpatrick, Noam Franklin, and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the equity partner, a fund manager, which provided $27.7 million in equity behind $48.06 million in senior debt issued by Citizens Bank.

Based in Charlottsville, Va., GW Real Estate Partners is a vertically integrated multifamily development and construction firm focused on select Mid-Atlantic and Southeast markets with strong supply and demand fundamentals. A second-generation real estate enterprise, GW Real Estate Partners and its related affiliates have been active investors in the multifamily sector since the late 1980s. The principals have collectively acquired or developed more than 11,000 units totaling $2.4 billion in property value.

“We were excited to work with the team at GW Real Estate Partners on their first development in Williamsburg, and after touring with them, felt confident in the need for new multifamily product in this market on account of many compelling demand drivers,” said Kirkpatrick.

“We pride ourselves on finding the right equity partners for developers and identified a capital source that had the same vision and goals for this project,” said Franklin.

“Montage at Marquis Apartments marks GW Real Estate Partners’ first ground-up multifamily development in the Williamsburg/Hampton Roads/Newport News MSA,” said Robert Gordon, a GWREP principal. “This submarket in particular benefits from a diversified and growing population and economy, with limited new supply and high barriers to entry, which places it squarely within our wheelhouse. Thanks to the Berkadia team, we have a capital partner whose vision aligns with ours. We’re also grateful to long-term design partners, Heffner Architects P.C. and civil engineering firm Timmons Group, for their role in this project.”

Located at 1200 Marquis Parkway, Montage at Marquis Apartments will be a Class A, four-story, elevatored and conditioned-corridor property offering best-in-class community amenities and surface parking. It will feature one-, two- and three-bedroom units averaging 942 square feet. The property is located less than 10 minutes from downtown Williamsburg and the College of William and Mary, 20 minutes from Newport News, and proximate to a variety of employers including nearby military bases.

GW Builders, a wholly-owned subsidiary of GW Real Estate Partners, is the general contractor.