The IDI Group Companies and PTM Partners, a real estate development and investment firm focused on qualified opportunity zones, have formed a joint venture to acquire 1000 Annapolis Way in Woodbridge, Va., a 318-unit multifamily development site, for $16.6 million. The acquisition represents the second phase of IDI's 720-unit riverfront development and serve as the second deal for PTM Partners Opportunity Zone Fund II. IDI and PTM also secured a $63.8 million loan from United Bank for this sister development of Rivergate North, which IDI completed in 2018.
“Our joint goal is to deliver a product type that is price-accessible to a greater swath of the surrounding resident base in what is currently a supply-constrained market,” said Michael Tillman, CEO at PTM.
Situated along the Occoquan River, 1000 Annapolis Way will have a mix of one-, two- and three-bedroom apartments. The development will have a best-in-class amenities package, including a health and fitne
