The Hanover Company Secures JV Equity for Tysons Corner Apartment Development

JLL Arranges Equity for Tysons Corner Apartment Development
Hanover Tysons

September 4, 2019 – JLL announced today it has arranged joint venture equity for The Hanover Company’s 412-unit apartment development with ground-floor retail in Northern Virginia’s Tysons Corner submarket.

JLL worked on behalf of The Hanover Company to arrange the joint venture equity partnership with PCCP, LLC.

The property will be situated on a 5.86-acre site at 1500 Westbranch Drive near major area employers and more than six million square feet of retail in the surrounding area. In addition, the transit-oriented development will provide access to the Capital Beltway, the 495 Express Lanes, the Dulles Toll Road and Metrorail’s Silver Line. The six-story property will encompass a mix of 343 market-rate and 69 affordable units, which will average 889 square feet, along with nearly 3,000 square feet of ground-floor retail and 596 residential parking spaces. The project will feature best-in-class unit finishes and common area amenities, including a professionally landscaped courtyard with resort-style pool, firepit and grilling area; clubhouse with demonstration kitchen and multimedia area equipped with a cinema with stadium seating, gaming activities and televisions; fitness center and business/conference rooms. Completion is expected in late 2021.

The JLL Capital Markets team representing the sponsor was led by Managing Directors Cortney Cole, Brian Crivella and Walter Coker.

CommercialDealsFinancingMultiFamilyNationalSouthWashington D.C.