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Charter Oak Apartments Under New Management

by Fatimah Waseem February 12, 2018 at 11:15 am 19 Comments

Wheelock Street Capital acquired Charter Oak Apartments in partnership with local investment firm Canandaigua & Pratt Holdings this month.

The news comes as Wheelock Communities, an affiliate of the company, acquired Hidden Creek Country Club in October. The club is adjacent to the apartments, which are located at 11637 Charter Oak Court.

The real estate firm has no immediate plans to redevelop the apartment community, which has 262 units and a mix of one- and two-bedroom apartments.

“As for future plans, they have retained Gates Hudson to manage the property in its current form,” wrote Jeff Laliberte, Wheelock’s managing director, in a statement to Reston Now.

“We plan to invest additional capital into the property in the coming years and look forward to continuing to provide the Reston community with attractive housing options,” he added.

At the adjacent golf course, however, the company’s affiliate has hinted at possible redevelopment, including “new housing choices,” in the future.

A company representative would not disclose the terms of the apartment acquisition, including the purchase price.

Photo via Charter Oak Apartments

  • 40yearsinreston

    “We plan to invest additional capital into the property in the coming
    years and look forward to continuing to provide the Reston community
    with attractive housing options,” he added.

    Translation:
    Goodbye Golf Course
    Hello “Iconic” multi-story towers and extended gridlock

  • Donald

    As I’ve been saying for the last year. There goes the front nine. Wheelock also bought Hidden Creek. To this day, I still have not heard one thing from this RA board regarding this matter. Yes, they should have a say (or have they already come up with their own deal).

    https://www.restonnow.com/?s=hidden+creek

    https://www.restonnow.com/2017/10/25/hidden-creek-golf-course-sold-new-housing-choices-listed-as-possible-for-future/

    http://wheelockcommunities.com/

    Donald

    • 40yearsinreston

      RA are too busy “directing” to get involved with mere details

      • Donald

        “Micromanage” appears to be their call sign.

        Donald

    • OneReally

      Hidden creek the soon to be 9 hole executive course.

      • 40yearsinreston

        The Trump Reston
        I like it !

        • OneReally

          Beats “The Clinton Reston” 🙂

      • Donald

        Yup. One could see this last year when the county left a road in their plans going right across one of the fairways and greens. Apparently the Board came up with a wonderful way to stop it — they wrote a letter. Wow, the might of our fearless champions in action. Hope they got that COI finished at Friday’s “Special Meeting”, that must have been critical for them.

        Donald

  • Greg

    Simon’s vision of more Lake Anne residential towers is soon to be realized.

  • How many renters do they have on the RA board?

    • Donald

      It’s a valid question, but are you implying certain board members may be less interested/involved because they rent?

      Donald

      • Well do they have the same stake in the value of the property they live in.?

        • Donald

          Good point, perhaps something to consider. My question would be — what is their experience with land use and economic development? Right now, they all appear to be overly quiet regarding critical PRC land use matters (like Hidden Creek).

          Donald

          • Should I let my renters renovate the home without my approval? Or do they have more rights than an owner? What if all RA members turned out to be renters at Charter Oak what would they do? Would the owners care? Should Reston care?

          • Donald

            Well,

            I guess if Sherri Hebert (and a few of the other board members) were renters, your thesis may have some validity — looking at their decision making to-date and their lack of interest in the big issues involving the PRC.

            Interesting hypothesis.

            Donald

        • Dwight

          Again you don’t like renters, we shouldn’t let them have a say in their community

          • Greg

            It’s representation without taxation. If renters paid the RA assessment, directly, they should be members eligible for board service. Otherwise, they can raise the assessment infinitely.

          • Sure but they should not control issues that permanently affect the long term value of the home. Does a renter have a vote on the cluster board? If not why not?

    • 40yearsinreston

      How many ‘realtors’ and real estate lawyers ?

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