Arlington, VA. (December 23, 2020) — Arlington, Virginia-based Snell Properties and its partners closed on the purchase of Lincoln at Wiehle Station, a brand-new multifamily community in Reston, Virginia. Snell was the partnership lead in pursuit and closing of the acquisition, and will lead management of the asset, on behalf of the ownership group. CBRE represented the buyer in the transaction. Lincoln Property Company has been retained to continue to manage the property.
Lincoln at Wiehle Station is a brand-new Class-A community with 260 apartment homes located at 11500 Commerce Park Drive in Reston, a 5-minute walk from the Wiehle-Reston East Metro station and less than a 15-minute drive from Dulles International Airport. The building’s construction was completed at the end of 2019 and earned the US Green Building Council’s LEED “Silver” certification.
“We are proud to close out the year by adding such an incredible property to our portfolio,” says Christopher Hanessian, President of Snell Properties. “Lincoln at Wiehle Station is steps away from the Metro and provides incredible access to one of the most dynamic and growing parts of Northern Virginia.”
Lincoln at Wiehle Station offers studio, 1-bedroom, 2-bedroom and 3-bedroom floorplans with spacious layouts. The apartment homes are sleekly finished with quartz countertops, stainless steel appliances, tile backsplashes, vinyl plank floors, walk-in closets and oversized windows. The community features a courtyard with pool and grilling stations, a large clubroom that walks out to the courtyard, a fitness center with on-demand classes, a library and conference room along with a pet spa, package concierge system, and bike room with repair station.
Reston, located in the middle of the Dulles Technology Corridor, is home to a well-educated, knowledge-based workforce that continues to grow as top employers locate to the area. In 2022, Fannie Mae will be consolidating its Northern Virginia offices into an 850,000 square foot space at Reston Gateway, bringing 4,000 workers. Earlier this year, Microsoft announced plans to invest $64 million into a new research and development hub at Reston Town Center, adding an additional 1,500 workers. Other noteworthy area employers include Google, Facebook, Oracle, Amazon Web Services, SAIC, BAE Systems and Rolls Royce of North America.
“Lincoln at Wiehle Station’s prime location in the Dulles Technology Corridor makes this an ideal acquisition,” adds Peter Colarulli, Vice President of Snell Properties. “Reston’s incredible employment growth will continue to attract renters to the area, and additional development in and around Reston Station will only make this property even more desirable.”
About Snell Properties
Headquartered in Arlington, Virginia, Snell Properties is an investor, developer, and asset manager of a portfolio of multifamily, commercial, and mixed-use properties in urban and suburban submarkets surrounding Washington, D.C. Founded in 1947 by George Snell, the company has built a legacy of creating value with its core portfolio of multifamily and commercial assets. Today Snell is managed by a seasoned team of real estate professionals with expertise in value-add renovations, development, finance, acquisitions, and asset management. With a noteworthy portfolio of assets and exciting plans to expand into new markets and ventures, Snell is a boutique firm building on its legacy in innovative ways, including the redevelopment of the Ames Center in Rosslyn. For more information, please visit snellproperties.com.
Contact: Kris Warner
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