News and notes from Reston (tm).

Thursday, February 15, 2018

What, Me Worry? Development Company That Bought Hidden Creek Golf Course Also Bought Adjacent Apartment Complex In Wacky Sitcom Mixup That We're Sure Will Have No Future Implications For Either Property, Maybe

Like the new road that mysteriously materialized smack dab in the middle of the Hidden Creek Golf Course, Reston's other white meat golf course in county plans last year, we're pretty sure this latest news is just another in a long series of wacky, sitcom-like misunderstandings:

Wheelock Street Capital acquired Charter Oak Apartments in partnership with local investment firm Canandaigua & Pratt Holdings this month.

The news comes as Wheelock Communities, an affiliate of the company, acquired Hidden Creek Country Club in October. The club is adjacent to the apartments, which are located at 11637 Charter Oak Court.

Silly rabbits, there's nothing to see here! The aging apartment complex ripe for redevelopment Charter Oaks complex was acquired by Wheelock Street Capital, while the aging golf course ripe for redevelopment Hidden Creek Golf Course was acquired by Wheelock Communities. Totally different things, really, just like a golf course (which takes up a lot of prime real estate) and an apartment complex (which takes up a lot of prime real estate) are totally different things. Apples and oranges, to be honest. Financially lucrative apples and oranges, apparently supported by an occult grid of future streets in county plans, but apples and oranges just the same. But not to worry, folks, because the real estate firm has no immediate plans to redevelop the apartment community. Just listen!
The real estate firm has no immediate plans to redevelop the apartment community, which has 262 units and a mix of one- and two-bedroom apartments.
See? Sounds good! What, what's that?
“As for future plans, they have retained Gates Hudson to manage the property in its current form,” wrote Jeff Laliberte, Wheelock’s managing director, in a statement to Reston Now.

“We plan to invest additional capital into the property in the coming years and look forward to continuing to provide the Reston community with attractive housing options,” he added.

"Additional capital:"

Yeah, that looks about right. On the bright side, that will make it much easier to retrieve your ball after slicing it into the rough.

Pour one out for Charter Oaks, another one for long-lost Restonian "web log" commenter BiCo (Broke in Charter Oaks), and, of course, a third for these awesome Yelp reviews. Come for the tall grass, stay for the "spider infestation," the end.

5 comments:

  1. Almost forgot about BiCo. Wonder what he's doing these days? I can picture him living the good life out in Brambleton.

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  2. Peasant From Less Sought After South RestonFebruary 16, 2018 at 12:55 PM

    BiCo decamped to Pittsburgh a few years ago and seems immeasurably happier there than when he was living in Reston. I'm not a personal friend of his, but we are both on the City-Data website, where he occasionally pops up on its Northern Virginia forum to lob a few derogatory comments all the way from Pittsburgh about this region.

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  3. We lived in Charter Oak for years. It went downhill a lot when purchased by Archstone and we finally got out and retired in central Virginia. As far as the area goes we miss the Smithsonian museums and going to Annapolis a lot. The rest of it? Meh.

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  4. We found a sunny and cozy one-bedroom apartment in Charter Oak in the 1970s for $245 per month, including utilities. We were young, and it was a great place then.
    The resident manager then, Mrs. Ann Elmore, was absolutely first class. Shortly after we moved i, the owner of Charter Oak, Gulf Reston, sold the complex to a new company, and Mrs. Elmore lost her job. All the residents missed her, but it happened so fast, we didn't have a chance to say goodbye to her.
    Wherever she went, we hope she is happy and doing well. We will always appreciate her kindness to us.
    Since then, Charter Oak has had its ups and downs, and we eventually left and bought a place.
    Charter Oak has always been an attractive, well-spaced, and non-congested place to live, and we hope it can remain a place for young families and retirees.
    However, it looks like it's likely to be torn down and replaced by yet more high-rise (and prison-like) "luxury" condominiums. What is happening to the low-rise and livable community Reston used to be?

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  5. The Convictress were going to move there when we were pre-Delinquents in 1999. However, while visiting friends there, our car was caught up in their predatory towing kickback scheme. Instead of renting there, we bought a small starter home. That home is now worth 3X what we paid for it.

    Thank you Charter Oaks.

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