New EYA/Bernstein Venture Launches
For its first project Boston Properties sold the venture the 375-unit Tower Oaks project in Montgomery County.
WASHINGTON, DC–EYA and Bernstein Management Corp. have formed a new programmatic partnership to acquire and develop future townhome, multifamily and mixed-use projects in the Washington, DC metro area.
Possible projects include the development of townhome communities, multifamily apartments and condominiums, residential conversion of commercial buildings, and larger mixed-use and/or mixed-income master planned neighborhoods.
The new partnership has already committed to develop more than 1,200 new residential units in in the District, Montgomery County and Northern Virginia with total project values over $750 million. The partnership recently closed on its first venture together, the 375-unit Tower Oaks project in Montgomery County, which was sold by Boston Properties.
This is the third equity relationship EYA has formed in its 26-year history, says Bob Youngentob, Founder and President of EYA, one most recently with The JBG Cos. After JBG went public in 2017, EYA looked for a new equity relationship and found BMC. This will be a partnership that will be creating great places and helping to shape our region for years to come,” Youngentob says.
The venture has already committed to five new projects. They include four new EYA townhome communities: 375 units at Tower Oaks in Rockville, 48 townhomes at Cabin John Village Shopping Center in Potomac, 146 townhomes at McMillian Reservoir in the District of Columbia, and 108 townhomes at Westbard off River Road in Bethesda. In addition, the partnership is working with Montgomery County on a new multifamily project on Wisconsin Avenue at the Women’s Farm Market.
The Tower Oaks project will consist of a mix of 30 single-family homes, 217 townhomes, 128 condominiums and a community center. The site is located on 44 acres on Preserve Parkway just off Wooten Parkway in Rockville. It is a short distance from Park Potomac and Pike and Rose. EYA is leading the land development efforts and building the townhomes and community center, while the partnership sold the singles and condominiums to Pulte Homes.