Investment companies and religious organizations buy buildings in McNair

A New York investment firm acquired a cluster of office buildings along Dulles Technology Drive in May.

Investment firms in New York and across Canada have spent hundreds of millions of dollars this year acquiring office and residential properties near Dulles International Airport in Fairfax County.

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

It is still managed by global real estate developer and property manager Greystar, headquartered in Charleston, SC

Manhattan-based Innovatus Capital Partners acquired three office properties 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 religion classes at its current location at 13515 Dulles Technology Drive, Suite 1, purchased a nearby building that currently houses Little Oaks Montessori Academy and Oak Hill Christian School. The $6.8 million purchase took place on August 30.

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

Officials from Innovatus Capital Partners and NAIF declined to respond to messages seeking comment on their plans.

The properties are close to the Innovation Center station which has yet to open 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 are using office space as efficiently as possible.

Developers are already there, building apartments, townhouses and condos, a seniors’ facility, and more, along with plans to further transform the office and residential park.

Photo via Google Maps