While Renaissance Housing is a noted builder of master-planned communities of single-family homes and townhomes, the 21-year-old company has been focusing on establishing a foothold in the multifamily market as of late. Its most recent development is Sunset Hills Tower, a 296-unit high-rise occupying a five-acre parcel on Sunset Hills Rd. and Reston Parkway in Reston. The property sits just a stone's throw away from Stratford Place, a 342-unit condominium building the company developed in 2002.
"It is particularly unique to find a homebuilder in this region that serves our target markets and is actively engaged in the high-rise tower business," says Jerry Starkey, WCI President. "The opportunity to expand our traditional homebuilding and tower business in this vibrant market is particularly appealing."
That appeal probably has a great deal to do with the demand for condominium properties in the region, as is evident by the steady and significant increase in condominium prices. "The Washington Metro area has outperformed the national average in condo price growth in 2004," Delta Associates reports in its Fourth Quarter 2004 Apartment & Condo Report. "After rising 21% in 2003, median condo prices are up 27% in 2004 with each jurisdiction at least besting last year's metro-wide growth rate."
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