NVCapital Advisors Acquires Interest in Dominion Heights Residential Project in Arlington, Virginia
First Acquisition for NVCapital Advisors in NVCommercial Real Estate Fund I
Arlington, Virginia - January 26, 2012 – NVCapital Advisors (www.nvcapital advisors.com), the manager of NVCommercial Real Estate Fund I, LP, has acquired a JV interest in Dominion Heights, a proposed 66-unit residential condominium with 8,000 square feet of retail space in the Cherrydale neighborhood in Arlington, Virginia, located at Lee Highway and Monroe Street. NVCapital Advisors was approached by the Christopher Companies to provide new equity into the stalled project.
NVCapital Advisors and other co-investment partners provided $4 million of new joint venture equity to the project. The professionals of NVCapital Advisors helped arrange the debt financing and worked with the Christopher Companies to redesign the project with smaller units targeted to young professionals and “millennials”. The units were priced accordingly, with one bedroom units to be marketed from the low to mid $300s and two bedroom units to be marketed from the mid-to-high $400s. David Klimas of McWilliams|Ballard (202.431.1272) is now selling units in the project with a model delivering in late Spring, with units being ready for occupancy in the Fourth Quarter of 2012.
NVCapital Advisors seeks to become the premier provider of real estate capital in the $2 to $10 million range in the Greater Washington Metropolitan Area. NVCapital Advisors invests in all property types.