WOODBRIDGE, Va.--(BUSINESS WIRE)--The NRP Group – a vertically integrated, best-in-class developer, builder, and manager of multifamily housing – in partnership with leading real estate investor Angelo Gordon, has broken ground on Lake Pointe, a market-rate apartment community in Woodbridge, Virginia. The 15-acre site will be transformed into five four- and five-story buildings comprising 355 units.
This development marks NRP’s second partnership with Angelo Gordon, and Santander Bank has provided a construction loan for the project.
“We're incredibly excited to break ground on Lake Pointe and work in partnership with Angelo Gordon and Santander Bank,” said The NRP Group’s Senior Vice President of Development, Josh Wooldridge. “This project represents our commitment to delivering best-in-class multifamily housing that meets the evolving needs of today's residents. With its prime location and modern amenities, Lake Pointe is poised to become a sought-after residence for those seeking convenient, comfortable, and stylish living options in the greater Washington, D.C. area.”
Lake Pointe is situated only twenty miles south of Washington, D.C. in Prince William County. The site is located just off the Prince William County Parkway exit on I-95, which sees nearly 160,000 visitors daily. Residents will have easy access to the Beltway for daily commutes to major employers in the region as well as a wide range of retail and dining options at the nearby Potomac Mills. A new state-of-the-art Kaiser Permanente medical center hub is located within walking distance and offers a wide array of medical care services, including same-day appointments. The site is also directly adjacent to a commuter parking lot with 2,300 spaces.
Equidistant to both U.S. Army Fort Belvoir and Marine Corps Base Quantico, Lake Pointe offers a short commute for those working at these mission-critical facilities. Additionally, the site is within walking distance of a daycare center and adjacent to several national retail establishments, including Target, DICK’s Sporting Goods, Best Buy, Starbucks, and Panera Bread.
The amenities and floorplans of Lake Pointe were designed to meet the demands of post-pandemic trends, including larger units, floorplans with dens, work-from-home facilities, and on-site private telecommuting locations. Other amenities include a state-of-the-art fitness center, a luxurious swimming pool, parking garages, and a dog park and spa.
The development’s first units are expected to be delivered in 2025.
ABOUT THE NRP GROUP
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing whose mission is to create exceptional rental housing communities for individuals and families, regardless of income. Since its founding in 1994, NRP has developed more than 50,000 apartment homes and currently manages over 25,000 residential units.
Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provide the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market-rate, affordable, workforce, and mixed-income housing.
The NRP Group ranks consistently in the Top 10 largest developers and builders in the U.S. by the National Multifamily Housing Council and by Affordable Housing Finance. The NRP Group is a winner of the National Association of Home Builders Multifamily Pillars of the Industry award for “Builder of the Year,” and a four-time recipient of the Pillar Award for “Development Firm of the Year.” The NRP Group has become the top multifamily developer in the U.S. that creates both affordable and market-rate communities at a national scale. Based on its nearly 30 years of experience and expertise, NRP now provides construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.
ABOUT ANGELO GORDON
Angelo Gordon is a leading alternative investment firm founded in November 1988. The firm currently manages approximately $73 billion* with a primary focus on credit and real estate strategies. Angelo Gordon has over 650 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit www.angelogordon.com.
*Angelo Gordon’s (the "firm") currently stated AUM of approximately $73 billion as of December 31, 2022, reflects fund-level asset-related leverage. Prior to May 15, 2023, the firm calculated its AUM as net assets under management excluding leverage, which resulted in firm AUM of approximately $53 billion as of December 31, 2022. The difference reflects a change in the firm’s AUM calculation methodology and not any material change to the firm’s investment advisory business. For a description of the factors the firm considers when calculating AUM, please see the disclosure linked here.