GW Real Estate, Virtus Break Ground on Virginia Project
This Class A community in Charlottesville will be part of a multi-phase mixed-use development.
GW Real Estate Partners is adding another Virginia community to its list of ongoing multifamily developments in the state. The firm, in a joint venture with Virtus Real Estate, broke ground on The Ridge at North Pointe, which is scheduled to deliver in the second quarter of 2024.
The developers tapped Heffer Architects as the project’s architect and Collins Engineers as the civil engineers. GW Builders, a subsidiary of GW Real Estate Partners, will serve as the general contractor. The project also landed an undisclosed amount of construction financing from United Bank.
When completed, The Ridge at North Pointe will offer a 279-unit mix of one-, two- and three-bedroom apartments that average 988 square feet. The units will be located throughout seven, three-story walk-up buildings and will be built with keyless entry systems, quartz countertops, stainless steel appliances, wood-style flooring, in-home washers and dryers and private patios or balconies. The community will also include 502 surface parking spots, along with 14 electric vehicle charging stations.
Located at the intersection of Northside Drive and Cliffstone Boulevard, The Ridge at North Pointe is located across from University of Virginia’s North Fork Research Park and adjacent to the National Ground Intelligence Center. While next to two of the area’s major employers, the community is also 20 minutes away from downtown Charlottesville, and 100 miles away from Washington, D.C.
Another development in the works
The residents of The Ridge of North Pointe will get access to shared amenities across the larger North Pointe mixed-use development, a four-phase single- and multifamily project that is being developed by Great Eastern Management Co. The common amenities include nine pocket parks that have tennis and basketball courts, dog parks and playgrounds, as well as walking and biking trails. North Pointe will also be home to an elementary school that will be built with a soccer and baseball field.
For GW Real Estate Partners, The Ridge at North Pointe marks the firm’s second ground-up multifamily development in Virginia. GW Real Estate Partners broke ground on the 265-unit Montage at Marquis Apartments in Williamsburg, Va. last year. The project also landed $27.7 million in joint venture equity that was provided by a fund manager. GW Real Estate Partners is looking to deliver Montage at Marquis Apartments in the first quarter of 2024.