Excelsior Parc Reston, Virginia 5.0 acres – 457 potential units
I N V E S T M E N T O F F E R I N G
2 Excelsior Parc | Reston, VirginiaINVESTMENT SUMMARY
Development Summary
Number of Units: 457
Net Rentable SF: 423,587 SF
Average Unit Size: 1,075 SF
Number of Buildings: 2
Number of Floors: 16 floors
Parking: 736 spaces
Zoning: PRC
Investment Highlights
Executive Summary
Metrorail ExpansionExcelsior Parc is located in a prime, transient oriented location. In addition to its location to major thoroughfares, such as the Dulles Toll Road, the Project will have access to two Metrorail stops, Wiehle-Reston East Metro Station recently delivered (approximately 1 mile from the Project) and Reston Town Center Station delivering 2018 (approximately 0.5 mile from the Project). These new stations will vastly improve the submarket’s transportation, accessibility, and desirability.
High Quality Project with Amenities Excelsior Parc will feature “Five Star Hotel” finishes in the entrance lobby, elevator lobbies (including parking levels), and amenity areas. The amenities area will be approximately 15,000 square feet and will likely include indoor pool / spa / sauna, fitness center / gym, lounge with Wi-Fi, self-service café, screening room, business center, multi-purpose rooms with kitchens, and board / meeting rooms. Additionally, the Project will be delivered LEED-certified.
Numerous Local AmenitiesReston Town Center is located within walking distance of Excelsior Parc and combines the most ideal elements of downtown living. Reston Town Center, located just minutes away, offers an outdoor venue of more than 50 retail shops such as Apple, Williams-Sonoma, Pottery Barn, and J. Crew; 30 restaurants such as Clyde’s, Morton’s the Steakhouse and McCormick and Schmick’s, Bow Tie Cinemas, and the Hyatt Regency Reston Hotel.
Excelsior Parc is also within walking distance of a top-performing Whole Foods, which anchors Guys, Zoe’s Kitchen, Noodles & Company, Starbucks, Staples and CVS.
OfferingJLL, as exclusive agent, has been retained by Lerner Enterprises (the “Sponsor”, or “Lerner”) to sell or arrange joint venture equity for the development of Excelsior Parc (the “Project”), located in Reston, Fairfax County, Virginia.
IntroductionExcelsior Parc is a 457-unit, planned, luxury apartment development consisting of two, 16-story, high-rise Class A towers. The project is conveniently located at the intersection of Reston Parkway and the Dulles Toll Road, approximately half a mile from the numerous shopping and entertainment options at Reston Town Center, and within one mile of the Wiehle-Reston East Metro station and half a mile from the future Reston Town Center Metro station. The project is strategically located in Fairfax County, one of the wealthiest counties in the nation and the most populous county in the Washington metro area.
The Project has received preliminary site plan approval as well as full PRC plan approval. Final site plan approval is still required, which is expected to take 6 to 9 months.
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Unit Type No. of Units % of Mix Unit SF Total SF1BR 201 44.0% 689 138,4892BR 132 28.9% 1,034 136,4882BR Corner 94 20.6% 1,115 104,8103BR 30 6.6% 1,460 43,800Total/Average 457 100.0% 1,075 423,587
INVESTMENT SUMMARYExcelsior Parc | Reston, Virginia
Investment HighlightsExceptional Market and Submarket FundamentalsWashington, DC’s livability, coupled with continued strong economic growth and a stable job market, has provided the metro area with widespread growth in residential development. Excelsior Parc is located in Fairfax County, the Washington Metropolitan Area’s private-sector job leader and a major hub of regional activity. Fairfax County is home to 10 Fortune 500 company headquarters and 24 of the top 50 largest technology employers in Washington, DC. Reston is home to many of these major employers, including Bechtel, Fannie Mae, BAE System, Raytheon, Northrop Grumman and Oracle. As of March, Fairfax County had an unemployment rate of just 3.9%, 160 basis points below the national unemployment rate.
Attractive Unit MixThe unit mix at Excelsior Parc capitalizes on the more recent national trend towards single person households. This shift in Northern Virginia is more visible in the cutback of three-bedroom units towards increasing one-bedroom and two-bedroom units. Northern Virginia has experienced a 4.1% decline in bedroom ratio. The Project capitalizes on this change as its unit-mix contains 201 one-bedroom units (44%), 226 two-bedroom units (49%), and only 30 three-bedroom units (7%).
Increased Transit-Oriented DevelopmentThe addition of Metro’s Silver Line to Northern Virginia has created an influx of multifamily development in recent years to accommodate the flow of renters moving west. Reston is the next destination along the Silver Line that will see the increase in development. The first station to reach Reston, Wiehle-Reston East, is already surrounded by mixed-use projects that will further enhance the “live, work, play” lifestyle desired by high-end renters looking for a transit-oriented location with the amenities of city living. BLVD Reston Station is the first multi-family project slated to be adjacent to this Metro station with 360 units expected to deliver in the first quarter of 2016. The Reston Town Center Station is the next stop west along the Silver Line and already has two recent deliveries, The Avant at Reston Town Center and The Harrison at Reston Town Center. Although both the Avant and The Harrison are located further from the Reston Town Center Station than Excelsior Parc, the Avant is 93% occupied and the Harrison is in lease up and is currently 50% leased after delivering in May 2015. An additional three projects are in the pipeline all set to begin construction this year. These projects total more than 1,100 units, showing strong demand for new, Class A product in the submarket.
Although information has been obtained from sources deemed reliable, Owner, Jones Lang LaSalle, and/or their representatives, brokers or agents make no guarantees as to the accuracy of the information contained herein, and offer the Property without express or implied warranties of any kind. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2015. Jones Lang LaSalle. All rights reserved.
EXCELSIOR PARC RESTON, VA
Christine Espenshade
Managing Director +1 202 719 5668
Mike Yavinsky Executive Vice President
+1 202 719 5750 [email protected]
Pat Casey Vice President
+1 202 719 5889 [email protected]
Kylie Belcher Associate
+1 202 719 5604 [email protected]
William Hedley Analyst
+1 202 719 5983 [email protected]
Clayton Pristou Analyst
+1 202 719 6894 [email protected]
Jon Goldstein Executive Vice President
+1 202 719 5764 [email protected]
Wes Boatwright Managing Director +1 202 719 5598
Scott Melnick Managing Director +1 202 719 5811
Robert Garrish Senior Vice President
+1 202 719 6231 [email protected]
Excelsior Parc
Reston
