Bethesda, Maryland, January 17, 2019 -- EYA, LLC (EYA) and Bernstein Management® Corporation (BMC) have announced the formation of a new programmatic partnership to acquire and develop future townhome, multifamily and mixed-use projects in the Washington, D.C. metro area. The new partnership has already committed to the development of more than 1,200 new residential units in several premier walkable locations in D.C., Montgomery County, and Northern Virginia with total project values in excess of $750 million.
While the partnership is not exclusive and the two organizations will remain independent, the new relationship brings together two well-established and highly regarded private companies to form an even stronger presence that will remain 100 percent focused on the D.C. metro area.
“Our companies have complementary skill sets and expertise,” says Joshua Bernstein, CEO of BMC. “Teaming together will broaden our collective opportunities and will enhance both of our current capabilities.”
EYA specializes in finding creative solutions to challenging development situations, navigating through complex entitlement processes and ultimately creating value through the delivery and marketing of its residential communities, according to EYA Founder and President Bob Youngentob.
Bernstein said the BMC strategy is to invest 85 percent of its capital in stable, income-producing assets with the other 15 percent of its capital deployed in development and other opportunistic activities to both enhance returns and grow the portfolio.
“The two companies share common values around corporate culture, investment criteria and making a difference in communities,” Youngentob said. “This will be a partnership that creates great places and helps to shape our region for years to come. The combination of the investment strength of BMC and the best-in-class development capabilities of EYA will make this partnership one of the best private real estate platforms in the market.”
The BMC-EYA pipeline consists of the following projects, with at least four more in the planning stage:
- 217 townhomes in the planned Tower Oaks community on 44 acres off Preserve Parkway in Rockville, MD, slated to feature an extensive clubhouse, exercise facility and community pool. Sales are expected to commence in Q3 2019 with pricing from the high $700,000s.
- 48 townhomes adjacent to the Cabin John Village Shopping Center in Potomac, MD. Sales are expected to commence in Q4 2019 with pricing from the mid $900,000s.
- 146 townhomes at the McMillian Reservoir in the Bloomingdale neighborhood of Washington, D.C to be complemented by an adjacent eight-acre park with pool and recreation center. Pricing is from the low $700,000s and sales will commence in 2020.
- 108 townhomes adjacent to the Westbard Shopping Center off River Road in Bethesda, MD. Pricing is from the high $800,000s and sales will commence in 2020.
In addition, the partnership is working to redevelop BMC’s Wisconsin Avenue retail property in Bethesda, MD together with the Montgomery Farm Women’s Cooperative Market and two adjacent public lots, to create a thriving mixed-use destination with retail, a sizeable public park, and residences.
About Bernstein Management Corporation
Bernstein Management® Corporation has a 65-year history as a leading real estate investor, owner and manager in the Washington, D.C. region. BMC, through its investment affiliate, BDC Properties LLC, owns and manages an investment portfolio of 93 properties, including 3.5 million square feet of commercial space and over 5,500 apartments in Washington, D.C., Maryland and Virginia. For additional information visit www.bmcproperties.com.
About EYA, LLC
EYA, LLC, through its various development affiliates, is a leader in Washington D.C.’s urban and transit-oriented living that promotes Life Within Walking Distance®. Celebrating its 26th year, EYA and its development affiliates have built more than 5,000 residences and 39 walkable urban neighborhoods in the D.C. metro area. For additional information visit www.eya.com.