A joint venture between PTM Partners, a real estate investment and development firm focused on qualified opportunity zones, and multifamily developer The IDI Group Companies, has purchased a 318-unit multifamily development site for $16.6 million. The site is located at 1000 Annapolis Way in Woodbridge, Virginia.
In September 2020, PTM launched its second qualified opportunity zone fund, PTM Partners Opportunity Zone Fund II LP, with a targeted raise of $250 million. The fund plans to focus on developing residential projects that are price accessible by large portions of the population. PTM’s first fund, PTM Partners Opportunity Zone Fund I LP, closed in February 2020 after raising approximately $100 million for acquisitions throughout the East Coast.
This latest acquisition represents the second phase of IDI’s 720-unit riverfront development and serve as the second deal for PTM Partners Opportunity Zone Fund II. IDI and PTM also secured a $63.8 million loan from United Bank for this sister development of Rivergate North, which IDI completed in 2018.
Situated along the Occoquan River, 1000 Annapolis Way will have a mix of one-, two- and three-bedroom apartments. The amenities package will include a health and fitness center, club lounges, a roof terrace, an outdoor pool with sundeck, as well as resident activities.
The company said that the project will provide more housing options for the 50,000 plus military, civilian, contractor and Department of Defense personnel working at nearby Fort Belvoir, an Army base less than eight miles north of the project.
“In closing the firm’s sixth qualified opportunity zone acquisition, we are drawing on PTM’s extensive development and construction experience to provide our investment partners with maximum value,” said Scott Meyer, chief investment officer of PTM. “PTM currently has a robust pipeline of acquisition opportunities and looks forward to investing in and developing projects that will positively impact neighborhoods and their residents.”
PTM Partners was founded by Nicholas Pantuliano, Michael Tillman, and Scott Meyer, all former executives of the Lefrak Organization.