Executive Summary
On behalf of Hanover Company, Berkadia is pleased to present the opportunity to acquire Hanover Tysons, a 412-unit trophy asset in Northern Virginia a short walk from both Tysons Galleria’s 800,000 square feet of luxury shopping and the Tysons Corner Center’s 1.8M square feet of shops and restaurants. Additionally, less than a 10-minute walk from the Property sits Capital One’s National Headquarters, a 26-acre campus home to 7,000+ local employees.
Hanover Tysons, delivered in 2022, also offers residents exceptional access to multimodal transportation with walkability to three Metro Silverline stops and extremely close proximity to the Dulles Toll Road and the Capital Beltway I-495. This prime location puts residents within a 20-minute drive or only 6 metro stops away from over 100M square feet of office space and an additional 10 minutes to another 130M square feet of office in downtown Washington, DC.
Hanover Tysons’ vast amenity offering and various unit sizes are equipped to cater to the full spectrum of Tysons’ top tier renter base. Proximity to hundreds of thousands of high-salary jobs and tremendous growth in NoVa’s STEM and financial services have contributed to some of the strongest resident demographics in the country with an average household income of +$200,000 which is reflected at the Property with an average resident HH income of $225,000 per year giving the Property a 15% rent to income ratio.
Hanover Tysons sits steps from entertainment, shopping and nightlife, with exceptional connectivity to Northern Virginia’s strongest employment market among one of the strongest renter populations in the country.
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit www.berkadia.com/licensing.
4445 Willard Ave | Suite 1200 | Chevy Chase, MD 20815
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BRIAN CRIVELLA
Senior Managing Director
301.580.6685
brian.crivella@berkadia.com
YALDA GHAMARIAN
Senior Director
240.462.2332
yalda.ghamarian@berkadia.com
BILL GRIBBIN
Senior Director
301.580.6486
bill.gribbin@berkadia.com
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4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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Central to one of Northern Virginia’s largest ongoing placemaking initiatives in Tysons Corner. Walking distance to over 5.4M square feet of retail shops, bars, and restaurants including the 800,000 square feet Tysons Galleria and 1.8M square feet Tysons Corner Center.
opportunity to acquire a 412-unit northern virginia luxury asset delivered in 2022 steps from tysons galleria and the capital one headquarters
Deal Highlights
Across the street from Freddie Mac HQ, and walkable to Capital One’s 26-acre Headquarters that employs 7,000 locally and Tysons Corner’s 35M square feet of office.
Walking distance access to three DC Metro Silver Line stations and prime connectivity to major arterial roadways for convenient access to Washington, DC, the Rosslyn Ballston Corridor, National Landing,
and the Dulles Toll Road Corridor.
Tysons Corner average household income is over $200,000, which is
reflected at Hanover Tysons with an average income of $225,000.
Hanover Tysons’ submarket currently has 0 units
under construction and 0 units expected to deliver
in the next 48 months. The shortage of upcoming
deliveries will maintain high occupancy and upward pressure on rent levels in the submarket. Over the last twelve months Tysons Corner has seen upwards of 5% rent growth with 3rd party forecasts showing over 15% cumulative growth from 2025 – 2029.
Strong recent leasing trends at
the Property with 6.3% gross rent
increases on recent 5 new leases
and 4.4% gross rent increases on
recent 5 renewals.
On behalf of Hanover Company, Berkadia is pleased to present the opportunity to acquire Hanover Tysons, a 412-unit trophy asset in Northern Virginia a short walk from both Tysons Galleria’s 800,000 square feet of luxury shopping and the Tysons Corner Center’s 1.8M square feet of shops and restaurants. Additionally, less than a 10-minute walk from the Property sits Capital One’s National Headquarters, a 26-acre campus home to 7,000 local employees.
Hanover Tysons, delivered in 2022, also offers residents exceptional access to multimodal transportation with walkability to three Metro Silverline stops and extremely close proximity to the Dulles Toll Road and the Capital Beltway I-495. This prime location puts residents within a 20-minute drive or only 6 metro stops away from over 100M square feet of office space and an additional 10 minutes to another 130M square feet of office in downtown Washington, DC.
Hanover Tysons’ vast amenity offering and various unit sizes are equipped to cater to the full spectrum of Tysons’ top tier renter base. Proximity to hundreds of thousands of high-salary jobs and tremendous growth in NoVa’s STEM and financial services have contributed to some of the strongest resident demographics in the country with an average household income of +$215,000 which is reflected at the Property with an average resident HH income of $195,000 per year giving the Property a 17.5% rent to income ratio
.Hanover Tysons sits steps from entertainment, shopping and nightlife, with exceptional connectivity to Northern Virginia’s strongest employment market among one of the strongest renter populations in the country.
Walkable to Live, Work,
Play Hub Tysons Corner
Booming NoVa
Employment Market
Ideal Commuter
Connectivity
Outstanding Renter Demographics
SUPPLY CONSTRAINED SUBMARKET WITH STRONG FORECASTED RENT GROWTH
recent property
performance
882
avg sf
412
units
2022
built
2,829
sf retail (currently vacant)
592
parking
spaces
95%
OCCUPIED
$225,000
average resident hh income
1500 Westbranch drive, tysons VA 22102
Chef-inspired kitchens with premium appliance packages, spacious islands and pantries
Premium granite and quartz countertops with
full-height backsplash
Italian cabinets with soft
close drawers
Spacious bedrooms that accommodate
king-size beds*
Spa-inspired bathrooms with large soaking tub
Double vanities, walk-in showers and linen closets*
Custom designed walk-in closets with space saving options and closet system
Built-in desks and bookshelves ideal for
remote working*
Programmable smart thermostats, energy-efficient lighting, and USB outlets in every home
Modern wide-plank wood-style flooring throughout*
Heat and glare reducing
solar shades*
Full-sized high-efficiency washers and dryers
*In select apartments
residence amenities
Resident clubhouse with fully-equipped catering kitchen and lounge seating area with fireplace and smart TV
Expansive coworking lounge with banquette seating, free Wi-Fi and USB connectivity
Semi-private meeting rooms with Smart TVs
Theater room with cinema-style seating and large TV
State-of-the-art 24-Hour fitness center featuring Echelon smart connect bikes and Reflect Mirror
Real time transportation updates provided by TransitScreen
Resort- style pool courtyard
with sun shelf seating
Shaded poolside
private cabanas
Outdoor dining and grilling areas, and firepit
20,010 SF courtyard greenspace for outdoor games and recreation space
Outdoor fountain feature, wood decks with lounge seating, and outdoor TVs
On-property park with seating and crosswalk leading to Tysons Corner Greenway Trail and metro station
Controlled-access
parking garage
Pet spa with grooming stations and exclusive dog park for pets to socialize and exercise
community indoor/outdoor
Amenities
Chef-inspired kitchens with premium appliance packages, spacious islands and pantries
Premium granite and quartz countertops with
full-height backsplash
Italian cabinets with soft
close drawers
Spacious bedrooms that accommodate
king-size beds*
Spa-inspired bathrooms with large soaking tub
Double vanities, walk-in showers and linen closets*
Custom designed walk-in closets with space saving options and closet system
Built-in desks and bookshelves ideal for
remote working*
Programmable smart thermostats, energy-efficient lighting, and USB outlets in every home
Modern wide-plank wood-style flooring throughout*
Heat and glare reducing
solar shades*
Full-sized high-efficiency washers and dryers
*In select apartments
Residence Amenities
Resident clubhouse with fully-equipped catering kitchen and lounge seating area with fireplace and smart TV
Expansive coworking lounge with banquette seating, free Wi-Fi and USB connectivity
Semi-private meeting rooms with Smart TVs
Theater room with cinema-style
seating and large TV
State-of-the-art 24-Hour fitness center featuring Echelon smart connect bikes and reflect Mirror
Real time transportation updates provided by TransitScreen
Resort- style pool courtyard
with sun shelf seating
Shaded poolside
private cabanas
Outdoor dining and grilling areas,
and firepit
20,010 SF courtyard greenspace for outdoor games and recreation space
Outdoor fountain feature, wood decks with lounge seating, and outdoor TVs
On-property park with seating and crosswalk leading to Tysons Corner Greenway Trail
and metro station
Controlled-access
parking garage
Pet spa with grooming stations and exclusive dog park for pets to socialize and exercise
community indoor/outdoor
AMENITIES
BRONZE
LEED
Certification
MORTGAGE BANKING
Patrick McGlohn
Senior Managing Director
301.941.4610
patrick.mcglohn@berkadia.com
Brian Gould
Managing Director
301.941.4616
brian.gould@berkadia.com