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 Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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
INVESTMENT SALES
DC METRO
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
CONTACT US
Chef-inspired kitchens with premium appliance packages, gas cook tops and designer cabinetry
Premium quartz countertops with full-height backsplash
Premium cabinets with soft close drawers and additional under glow lighting
Spacious floorplans ideal for remote working
Modern wide-plank wood-style flooring and fully tiled showers
Apartment
Design
Resident clubhouse with fully-equipped event kitchen and lounge seating area with smart TV
Expansive coworking lounge with luxury seating, Wi-Fi and USB connectivity
State-of-the-art 24-Hour fitness center including Yoga studio space
Resident movie theater
Game Room including poker table and billiards and shuffle board
Pet Spa with multiple cleaning bays
indoor
amenities
Resort- style pool courtyard with sun shelf seating
Shaded poolside private cabanas
Outdoor dining and grilling areas, and firepit
Outdoor gym and fitness area with rotating rock climbing wall
Controlled-access parking garage
Community
Amenities
The Property is an 8-minute walk to the Metro Silver Line Reston Town Center station connected to the regional DC Metro System providing direct access to all major DC MSA employers.
CONVENIENT METRO ACCESS
In addition to being adjacent to the strongest employment concentration in the Mid-Atlantic located in Reston, the Property is a short drive (10-minutes) to Dulles tech corridor job nodes which is home to over 40M SF of office and has become the East Coast Technology Hub. The Property is also in close proximity (15-minute drive) to Northern Virginia major office hubs including Tysons Corner (32M SF) and the Rosslyn-Ballston Corridor (20M SF).
SITUATED IN HIGH GROWTH NORTHERN VIRGINIA MARKET
Market Rate lease renewals averaged 17% effective rent increases in 2023. New lease trade outs achieved 14% average increases to effective rents in 2023.
EXCEPTIONAL RECENT PROPERTY PERFORMANCE
The Reston submarket average household income is over $140,000 and over 67% of residents have achieved at least a bachelor’s degree (3-mi radius). Based on average income levels property affords approximately $1,200 of additional rent per month using 30% wallet share ratio.
OUTSTANDING RENTER DEMOGRAPHICS
PREMIER LIVE-WORK-PLAY HUB
The Edmund is central to two of Northern Virginia’s largest ongoing placemaking initiatives in the Halley Rise master planned development and the Reston Town Center. Halley Rise features a variety of residential, office, and retail which will continue to evolve the area into the premier Reston hub. The Reston Town Center is an iconic, mixed-use office, retail, and entertainment destination that is home to more than 50 national and local retailers, 35 restaurants, an ice-skating rink, community pavilion, an eleven-screen movie theatre and premier employers including Microsoft, Fannie Mae, Leidos, Northrop Grumman, and Appian.
TREASURE OF THE TOLL ROAD WITH OPTIMAL SUPPLY WINDOW
Only two projects are projected to complete construction between 2024 and 2026. This positions The Edmund to increase rent while supply remains constrained. Additionally, this submarket offers limited opportunity to purchase as only three class A apartment communities have been available in the last four years.
MAJOR CLOUD COMPUTING CONTRACT SPURS GROWTH
In late 2022, Amazon (AWS), Google, Microsoft and Oracle were awarded a $9B cloud computing contract known as the JWCC. This contract has begun its work orders and can be expected to continue through at least June 8, 2028 which will continue to bolster this micro location at the strongest employment concentration in the Mid-Atlantic.
Investment Highlights
Berkadia is thrilled to present The Edmund (“the Property”), a newly constructed Class A mixed-use property located in the heart of Reston, Virginia. Situated within the highly sought-after $1.4 billion Halley Rise master planned community, The Edmund offers an exceptional place for residents to call home.
The Property features 100,120 square feet of retail space, that is 97% leased and is anchored by the renowned 94,000 square feet Wegman’s Grocer. This prime location places The Edmund just 0.8 miles from Reston Town Center, which offers 400,000 SF of retail and dining options, including popular establishments such as Morton’s, Barcelona Wine Bar, and Teds Bulletin. Additionally, residents can enjoy the nearby Reston Town Center Park, which hosts various events and festivals throughout the year.
One of the key advantages of The Edmund is its proximity to prominent employment hubs. The Property is strategically positioned within the thriving Dulles Tech Corridor, which boasts an impressive 40 million square feet of tech employment. Within a 10-minute drive from the Property, you’ll find major companies such as SAP, Fannie Mae (HDQ), Facebook, Bechtel, Oracle, AWS (Global HDQ), Leidos, Google, and Volkswagen. These companies collectively employ thousands of professionals, providing a strong employment driver to The Edmund. Within a 3-mile radius of the property, there are over 50,000 employees working for various companies, making it a vibrant and bustling area and further driving nearby economic activity.
The Edmund offers exceptional transportation connectivity. Residents can enjoy 8-minute walk to the Metro Reston Station (Silver Line - connecting to greater DC Region Metrorail system). This provides easy access to the wider Washington, D.C. metropolitan area, including downtown D.C. and other popular destinations. Additionally, The Edmund is conveniently located near the Dulles Toll Road, providing a direct route to Washington Dulles International Airport, which is approximately 10 miles away.
Designed to cater to the diverse needs of Reston’s top-tier renter base, The Edmund offers an extensive range of amenities including an in-line 94,000 SF Wegman’s grocer, top-of-the market in unit amenities including, spacious unit sizes, and premium appliance package. The area’s strong job market, particularly in STEM and financial services, has contributed to impressive resident demographics. Within a 3-mile radius of The Edmund, the average household income exceeds $140,000, and 67% of residents hold a bachelor’s degree or higher.
Delivered in 2021, The Edmund provides residents not only with excellent proximity to entertainment, shopping, and nightlife at Reston Town Center but also unparalleled connectivity to Northern Virginia’s thriving employment market. With its prime location, strong renter population, exceptional amenities, and easy access to transportation and the airport, The Edmund presents a compelling investment opportunity in one of the country’s most sought-after areas.
Executive Summary
393
Parking Spaces
97%
LEASED RETAIL (WEGMAN'S)
95.2%
occupied
750
SF
353
Market Rate Units
2021
year built
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