Located where Gallows Rd. and Prosperity Ave. meet off I-495, Wilton House is just one facet of a mixed-use endeavor that will also ultimately feature a 205-room Marriott Courtyard hotel. "This particular Northern Virginia submarket is underserved by high-rise residential and certainly by high-rise residential located at or near mass transit," LCOR senior vice president Timothy D. Smith shares with GlobeSt.com. "Wilton House is directly across the street from the Dunn Loring Metrorail station, offering a 10-minute ride to downtown Washington. The Tysons employment and retail center also is just a few minutes away by car."
LCOR has assembled a talented group of local and national companies to assist with the development of Wilton House. Cleveland-headquartered Dorsky Hodgson + Partners is on board as the project architect, and Washington, DC's Donohoe Cos. is serving as the general contractor. The property will be adorned with such features as a four-level underground parking garage, fitness facility, community room and business center. LCOR will serve as manager for Wilton House and will be co-owner along with an SSR Realty Advisors-advised joint venture partner.
The partners will be able to capitalize on what is a bit of an isolated trend in apartment rents in Northern Virginia. As per the latest Marcus & Millichap Apartment Research Report, while effective rents in Northern Virginia are expected to decline by 1.3% this year, rents in the Tysons Corner/Fairfax City submarket are expected to see an increase of 1.2%.
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