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Blue Ocean, the Maryland-based real estate investment firm, has expanded its footprint into the Northern Virginia suburbs with its latest acquisition. The company, in partnership with Walker & Dunlop Investment Partners (“WDIP”) acquired a 168-unit residential community in the Town of Herndon, Virginia on July 15th. The community located at 315 Elden Street was built in 1989/1990 and will be re-positioned and re-branded under the Company’s high-end “TRELLIS” brand, known as TRELLIS Herndon.
The three-story garden-style community is situated on ~ 7 acres and is located in Fairfax County, VA. The property neighbors the bustling Reston neighborhood that is home to major employers including Google, Fannie Mae, Volkswagen Group of America, Amazon Web Services, Microsoft R&D, Oracle, Raytheon, Rolls Royce, etc. Residents of TRELLIS Herndon will be able to easily access DC’s Metrorail service at Wiehle-Reston East Station, which is approximately three miles away and connects riders to virtually every major employment and lifestyle destination in both Northern Virginia and Washington DC.
In 2021, Blue Ocean and WDIP acquired their first two TRELLIS communities in Hunt Valley, Maryland and North Fayette (Pittsburgh), Pennsylvania. Evan Gallant, Chief Investment Officer and Principal of Blue Ocean stated “Our team is thrilled to be growing our portfolio into Northern Virginia. The TRELLIS brand has been incredibly successful launching in Maryland and Pennsylvania in 2021, and we believe Herndon/Northern Virginia is a natural fit for the platform and will be well-received by the neighborhood and the community’s residents. We’re excited to get started.”
Jonathan Ehrenfeld, President and CEO of Blue Ocean, stated “I am extremely proud of our team and equally thrilled to expand the Blue Ocean portfolio into Virginia. We’re incredibly fortunate to continue our partnership with WDIP and look forward to continued success and growth.”
Brian Cornell, Managing Director of Walker & Dunlop Investment Partners stated “We’re excited by our continuing partnership with Blue Ocean and opportunity to expand the TRELLIS footprint in a very dynamic Herndon, VA market with tremendous growth trends and demand for quality rental product.”
About Blue Ocean Investments
Founded in 2004, Blue Ocean is a real estate investment firm, headquartered in Owings Mills, Maryland. Blue Ocean is active in a variety of sectors within the real estate industry including multifamily, industrial, hospitality, and self-storage sectors. Today, the Blue Ocean portfolio consists of approximately 3,000 multifamily units and over 3 million square feet of commercial and mixed-use property across multiple geographies.
About Walker & Dunlop Investment Partners
Walker & Dunlop Investment Partners (“WDIP”), is an alternative investment manager that provides capital solutions to middle-market commercial real estate sponsors. Founded in 2006, the Denver-based firm actively manages over $1.2 billion through a series of discretionary funds and separately managed accounts. For more information, visit wdinvestmentpartners.com
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