Greystar and PREI Acquire 1.58 Acres for Multifamily Community

Greystar and Prudential Real Estate Investors recently formed a joint venture. The companies closed on 1.58 acres of land in Tysons Corner, Va.

Tysons Corner, Va.—Greystar, a Charleston, S.C.-based multifamily company, and Prudential Real Estate Investors (PREI), the investment management and advisory business of Prudential Financial Inc., recently formed a joint venture. The companies closed on 1.58 acres of land in Tysons Corner, Va.

The site will be developed with the Ascent, a 404-unit high-rise community, which will be located near the new Tysons West Metro station on the Silver Line. When completed, it will be the tallest building in the area, at 26 stories.

The Ascent will feature units with granite countertops and stainless steel appliances. Building amenities will include a rooftop pool, fitness center and community areas. The community is also being designed to incorporated sustainable elements in accordance with LEED standards.

“The Ascent will help fill a much needed housing void in Tysons Corner,” Brandon Henry, managing director of development for Greystar, said in a press statement. “The apartment community will appeal to prospective residents looking for luxury, convenience and a greener lifestyle.”

The property was acquired from the Georgelas Group and Dierman Realty Group. It is part of a 7 million square foot, mixed-used development called the Spring Hill Station, which is being developed adjacent to the Tysons West Metro Station by the Georgelas Group and Dierman Realty Group along with partners T-Rex Capital Group and Preminger Investments.

Greystar will develop and manage the company, John Moriarty & Associates will serve as general contractor and PREI is acting on behalf of institutional investors.

Construction for the Ascent is expected to be completed in mid-2014.