Investment firms, religious organization buy buildings in McNair

Investment firms in New York and Canada spent hundreds of millions of dollars this year to acquire office and residential buildings near the Dulles International Airport in Fairfax County.

Ivanhoé Cambridge, a real estate company based in Montreal, acquired Ashton at Dulles Corner, a set of luxury apartment buildings along Sunrise Valley Drive in McNair, on Nov. 12 for over $149 million. A spokesperson, Véronique Désilets, suggested by email that the company increased an existing stake it has in the property but declined to say what its long-term plans are for the property.

It’s still being managed by global real estate developer and property manager Greystar, which is headquartered in Charleston, S.C.

Manhattan-based Innovatus Capital Partners acquired three office buildings located at 13530 and 13560 Dulles Technology Drive on May 28 for $113.5 million. According to its website, the investment firm seeks to “identify and capitalize on market distress, disruption, and growth.”

And the North American Islamic Foundation, which holds prayers and religious classes at its current location at 13515 Dulles Technology Drive, Suite 1, bought a building next door that currently houses the Little Oaks Montessori Academy and Oak Hill Christian School. The $6.8 million purchase happened on Aug. 30.

“An expansion plan is underway on the main campus to match the needs of the rapidly growing community,” NAIF says on its website.

Officials with Innovatus Capital Partners and NAIF declined to respond to messages seeking comment about their plans.

The properties are near the yet-to-open Innovation Center Station for the continued expansion of Metrorail’s Silver Line, which is still facing delays. It also comes as the pandemic has led businesses to rethink whether they’re using office space as efficiently as possible.

Developers are already there, constructing apartments, townhomes and condos, a senior facility, and more along with plans to further transform the office and residential park.

Photo via Google Maps