“This area of North Woodbridge is part of a neighborhood that is anticipated to grow and has already seen infrastructure improvements,” says Scott Meyer, co-founder and chief investment officer of PTM Partners. “Prince William County and the Department of Transportation widened Route 1 in this area, and the governor of Virginia has announced plans to expand VRE service to build out a corridor between Richmond and D.C.”
Rivergate Building 2, which is anticipated to be complete in the fourth quarter of 2022, is adjacent to the Woodbridge VRE station and close to Route 1 and Interstate 95. The apartments will range from 600 to 1,375 square feet with junior one-bedroom units to three-bedroom units. Rents are anticipated to range from about $1,650 to $2,800.
“Demand for the apartments in the first building was strong and continued during the pandemic with renters moving from high-priced urban communities to this suburban location that’s more affordable,” says Carlos Cecchi, managing director of the IDI Group. “Renters can get more space for the same rent they were spending in D.C. and Arlington or get the same space at a lower rent.”
Cecchi says that renters in Rivergate are a mix of members of the military who work at nearby installations Fort Belvoir and Marine Base Quantico; health-care workers from nearby hospitals and medical offices, defense contractor employees and downsizing empty nesters attracted by the river location.
“The apartment buildings overlook the Occoquan River and Belmont Bay and are adjacent to a marina with a restaurant,” Meyer says. “Residents can keep a boat at the marina, and canoe and kayak on the river. The historic town of Occoquan is nearby, too.”
Some of the apartments will have river views. All residents will have access to a roof terrace with lounge chairs, a swimming pool, grilling areas, a putting green and a fitness center. Other amenities include a dog-grooming area, a fenced dog park and co-working areas.
The IDI Group is also in the planning stages of a 19-acre mixed-use town center project across from the VRE station about one-half mile from the Rivergate apartments that will include 850 more apartments and 160,000 square feet of retail space.
“It will take 12 to 15 months to complete the rezoning with the county and another 12 months to do the construction drawings before we even start construction on that project,” Cecchi says. “The Woodbridge area is poised for success with the county and state infrastructure improvements and VRE expansion. Our apartments are adding a luxury element with river access at a lower price point than in D.C. or Alexandria.”
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