O wners , D evelopers & M anagers

M id A tlantic Real Estate Journal — Section B


A ground-up concrete structure which includes a 101,000 s/f hotel Turner Construction Company completes Hyatt Place National Harbor ahead of schedule


Turner's senior leadership team comprised of Brown, senior project manager Therese Swanson , and gen- eral superintendent Mike Eggleston directly applied lessons learned from previ- ous hotel experience to make the National Harbor project a success. During project start-up, pre-installation meetings served as a forum for trade partners to build re- lationships with Turner and relevant inspectors, as well as identify constraints prior to the start of work. With the implementation of lean construction tools, including pull plan sessions, a six-week look ahead constraint board and a short interval planning schedule, the team was con-

“The apartment community is ideally located west of Inter- state 95, in very close proxim- ity to two of the most popular retail destinations in Prince William County, Potomac Mills and Stonebridge at Po- tomac Town Center, as well as several other neighborhood centers and dining and shop- ping options.” Goodman also notes that the asset, which was originally constructed in 2010, was well maintained under previous in- stitutional ownership, further driving its tremendous upside potential and presenting rela- tively low risk. “We were able to secure this like-new property based in part on a long-term re- lationship with the seller,” continues Goodman. “While this is Passco’s first purchase from Fairfield Residential, our teams are well acquainted, go- ing back 30 years. It has been a delight to work together on this transaction.” According to Goodman, an- other key component to closing this acquisition was Passco’s willingness to work within an aggressive timeline and put up non-refundable money to facilitate a quick close. MAREJ sistently engaged with trade partners on maintaining contractual durations. The strong safety program, built on active caring, worked to enhance the project schedule with a Recordable Incident rate of zero and Lost Time Incident rate of zero. “I could not be more proud to have been part of such a successful project delivery,” said Turner's Superinten- dent, Deirdre O’Hara. “On this project I learned that a safe jobsite is one that is hon- est, happy and hardworking.” The Hyatt Place at National Harbor is a ground-up con- crete structure which includes a 101,000 s/f hotel. The project is expected to achieve LEED v4 Certified. MAREJ

ATIONAL HAR- BOR, MD — T urn- er Construction

HI-LIGHTS Oct. 30 - Nov. 12, 2020 BRAVO! Group Services demonstrates Best in Excellence earning two BSCAI Clean Awards Company in the Mid-At- lantic region completed the Hyatt Place National Harbor in Maryland and turned it over to the client five weeks ahead of schedule. “What a great group of people and an amazing dedi- cation to detail and success of the project, said David Tracz, //3877 Architecture and Planning in a message to Turner's vice president and construction executive,

Hyatt Place National Harbor

ment to your team and the focus required to complete a project like this.”

Derek Brown . “The fact that the hotel opened a month early is a real testa-

Passco adds 200-unit multifamily community in supply-constrained Northern VA submarket

WOODBRIDGE, VA — Passco Companies , a pri- vately held California-based commercial real estate com- pany has acquired The Pre- serve at Catons Crossing, a 200-unit, mid-rise apartment community in the Northern Virginia submarket of Wood- bridge, Virginia. Passco was attracted to The Preserve at Catons Crossing based on the asset’s strong track record and location in a submarket that has no mul- tifamily development in the pipeline, despite several de- mand drivers and strong po- sitioning for further growth, according to Gary Goodman , the firm’s senior vice president of acquisitions. “This opportunity to acquire this solid core asset in a stabi- lized, supply-constrained mar- ket is perfectly aligned with our multifamily investment strategy,” said Goodman. “With no competing properties under construction nor in lease-up, we anticipate healthy, sus- tained resident demand.” Goodman explains that the asset, which has maintained an occupancy rate of 95% and higher throughout the pan- demic, will benefit from a di -


Contributing Columnist:

The Preserve at Catons Crossing

greater Northern Virginia and Washington, D.C. metropoli- tan area, driving up demand for apartments throughout the region.” The property is also within commuting distance of sev- eral other employment hubs, including D.C. , Old Town Alexandria, Quantico, Fort Belvoir, The Pentagon, and Springfield, which is home to the Transportation Security Administration’s new head- quarters. Goodman also points to the exceptional retail and lifestyle amenities The Preserve’s lo- cation offers as a compelling draw for potential residents:

verse and growing job market. “The Preserve is located im- mediately adjacent to a state- of-the-art, 240,000 s/f Kaiser Permanente medical center currently under development, which will provide a solid resident base,” said Goodman, who notes that the facility, planned to be completed next year, is anticipated to support approximately 450 employees. “Further, the apartment com- munity is within a 30-minute commute of Amazon’s HQ2 development inNational Land- ing, which will not only bring thousands of jobs to the region over the next several years, but is expected to be a boon for the

Michael Mullin Integrated Business Systems


ALSO INSIDE People on the Move ........... 16B www.marej.com

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