Wednesday, August 2 — Hoffman and Associates, a leading developer of innovative mixed-use and residential communities across the Mid-Atlantic and Southeast and key developer of the 10-acre West Falls mixed use project in Falls Church, announced that it has closed on its first real estate private equity fund. The Hoffman and Associates General Partner Fund, a $65 million investment vehicle, will predominantly target development projects including early-stage initiatives currently led by the company.
With 30 years of experience and 6.5 million square feet in development and construction, Hoffman and Associates has established itself as steadily growing with a variety of projects that are shaping cityscapes and neighborhoods across the Mid-Atlantic and Southeast. The fund gives the company an advantage in expanding its growing pipeline, acting quickly on future opportunities.
“Hoffman and Associates is expanding our portfolio,” stated Monty Hoffman, founder and chairman of Hoffman and Associates, “As our $3.6 billion Wharf project comes to completion in D.C., and our presence in Northern Virginia and North Carolina continues to grow with market demand and projects such as West Falls, Waterfront Station II, 4600 Fairfax Drive, Seaboard Station and RUS Bus, our company anticipates many more opportunities. The Hoffman & Associates General Partner Fund will be instrumental in continuing our company’s exciting future.” Hoffman described its current Falls Church project as “a nearly 10-acre expansive, multiphase mixed-use, transit-oriented project expanding the vibrant community in Falls Church, Virginia. West Falls will serve as a gateway to the city of Falls Church and a gathering place for all with apartments, condominiums, senior living, retail, hotel and a medical office building, along with an outdoor community gathering space in the center of the neighborhood that will provide over 18,000 square feet of open space for community use. The biggest project in Falls Church history, West Falls is poised to be Hoffman & Associates’ next largest endeavor following The Wharf.”
“We are honored to be able to announce The Hoffman and Associates General Partner Fund as it continues to showcase our investors’ confidence in our team and our innovative, community-minded approach to development,” said Jon McAvoy, Hoffman and Associates’ Chief Investment Officer. “The Fund builds on our three decades of success, delivering strong returns for our investors and partners, as well as community value across the neighborhoods we serve.”
This announcement follows the consistent growth of Hoffman and Associates, anchored by the completion of The Wharf later this year, as well as the company’s continuous expansion across the Mid-Atlantic and Southeast, with a variety of projects ranging from large-scale neighborhoods to mixed-use condominium and apartment offerings, all underscoring the company’s innovative and unwavering commitment to sustainable, community-minded development.
Over the next two years, the fund intends to deploy its capital base in projects. In addition to West Falls, it includes 4600 Fairfax Drive, a dynamic, 530,000 square-foot multifamily development in Ballston, Virginia that will feature more than 500 residences including apartments and townhome-style residences in two buildings with 475 apartment residences as well as 29 townhome-style multifamily units. The project is designed to not only achieve LEED Gold certification, but also to follow Arlington County’s industry leading 2020 Green Building Program.
In addition there is a “RUS Bus” project, a 500,000 square-foot transit-oriented mixed-use development in Raleigh, North Carolina, integrating the Raleigh Union Station with innovative transit improvements, a new bus facility, bike and pedestrian-friendly spaces and multifamily residential with affordable housing, retail and hospitality. The approximately $275 million project, one of the biggest developments currently underway in Raleigh, features plans to build two high-rise buildings up to 40 stories tall, with 18,000 square feet of retail space and over 400 apartments.
Also, there is the Seaboard Station: This dynamic development that is set to deliver its first phase this fall, will bring a unique mix of residential, retail and vibrant community spaces to the historic location of Seaboard Station in downtown Raleigh. When complete, Seaboard Station will feature nearly 600 residences in three buildings and more than 130,000 square feet of street-level retail, restaurants and entertainment concepts, as well as underground parking and a hotel.
