Investing for the Future: The Innovation Center Station

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Washington D.C. has long been a hotspot for real estate investors.

Recognized as one of the top-10 most expensive cities to live in the U.S., it continues to see periods of sustained growth and buyer demand that show no sign of slowing down.

It might be the nation’s capital, but D.C. is increasingly referred to as the Capital of Innovation as well. In addition to the much-anticipated Amazon HQ2, the region is also home to more than 1,000 tech startups.

Fueling much of this development is the Center for Innovative Technology, also called the Innovation Center or simply, CIT. Today, we’re taking a closer look at why future-focused investors are eyeing the property around the CIT as valuable real estate, and how you can follow suit.

Ready to learn more? Let’s get started.

What is the Innovation Center?

Focused on putting the spotlight on new technologies and entrepreneurs, the Innovation Center is the strategic and economic arm behind many of the up-and-coming tech companies across the greater Hernon, VA area.

Helping commuters travel around and beyond this hub is the Silver Line, a rapid transit line that spans across Fairfax County and Arlington County, Virginia, as well as the District of Columbia, and Prince George’s County, Maryland.

Today, we’re focusing on that first region: Fairfax County. Specifically, where does the Silver Line travel in this region and what makes it such a real estate investor’s dream?

Innovation Along the Silver Line 

In Fairfax County, there are three main Silver Line stations. They include:

  1. Reston Town Center Station
  2. Herndon Station
  3. Innovation Center Station

The development of these stations is part of a larger Phase 2 of the overarching Dulles Corridor Metrorail Project which is set to install and additional six stations in all. In addition to the three above, Phase 2 will also include:

  • Dulles Airport Station
  • Loudoun Station
  • Ashburn Station

Located less than one mile from Dulles International Airport and designated as the last Metro stop before IAD, the Innovation Center Station is generating special interest. 

Why should curious real estate investors give the property around this station a second look? Let’s review a few of the reasons why it’s worth considering. 

Investing for the Future: The Innovation Center Station 5

Investing Near The Innovation Center Station

Designed to serve the CIT, the Innovation Center Station will be located in the median of Dulles Toll Road/Airport Access Highway, near the intersection of Route 28.

With Phase 2 construction scheduled to be complete in five years, the station is set to include myriad facilities, including:

  • Pedestrian bridges
  • Parking for 2,000 cars
  • Kiss & Ride stations
  • Bicycle racks and lockers

While the station will be impressive and convenient once it’s finished, it’s the area around its perimeter that’s turning heads.

It might not look like it now, but in a few years, the Innovation Center Station will offer quick access to some of Herndon’s most buzzed-about tech centers. Let’s review a few of the proposed developments. 

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Center for Innovative Technology Campus

There are big plans for the nearly 29-acre property that surrounds the current Center for Innovative Technology. This campus is set to be developed into a lifestyle center that includes residential units, offices, and retail space. 

The Hub

What would you do with 5.5 million square feet? This massive property sits close to the future Innovation Center Station and is set to roll out Phase 1 of its deployment in 2020.

In addition to 1,265 residential units (coming later), the Hub will also feature:

  • 350 hotel rooms
  • 400,000 square feet of retail space
  • 3.5 million square feet of office space
  • Green spaces (forests, cycling, walking paths)

Innovation Center South

Designed to sit just south of the Innovation Center Station, this property will also be a mixed-use community. It will include 1,000 residential units, nearly 200 hotel rooms, and 584,000 square feet of office and retail space.

Pomeroy Cos. Projects

In addition to the three behemoth properties described above, there are also plans to develop the two, 40-acre sites that sit adjacent to the Innovation Center Station. 

The first site will be called the Aurora Station at Dulles, and will include:

  • More than 1,000 residential units
  • Greenspace
  • Commercial offices
  • Retail space

The second site, titled Sunrise Valley, will include roughly the same number of residential units, as well as commercial space and even an on-site school.

Investing for the Future: The Innovation Center Station 6

Why Invest Near the Innovation Center?

As you can see, the developments around the Innovation Center Station offer both residential and commercial opportunities.

Even if homeowners don’t put down roots in one of the thousands of new residential units, their jobs could still take them to work in these new offices. This means they’ll be eyeing apartments, condos or single-family homes nearby.

As such, this stretch of the Silver Line is primed to become even more appealing to interested, prospective homeowners. While Phase 2 of the Dulles Corridor Metrorail Project could take up to five years to complete, now is the time to get your foot in the door as an investor.

In fact, the entire Dulles Corridor area as a whole is burgeoning with popularity and growth. Understanding which developments are underway and the amenities they provide is critical to choosing which ones to focus your investment effort on.

One thing that’s certain? An investment near the Innovation Center Station will only grow in value over time. The projects described above will continue to draw new visitors to the area, ramp up home sales, and ultimately contribute to a higher ROI.

Checkout Real Estate Near the Innovation Center Today

Are you a real estate investor curious about opportunities and availabilities along the Silver Line? Want to learn more about Phase 2 and the Innovation Center Station? If so, you’ve come to the right spot. 

Whether this is your first investment or you simply want to expand your portfolio, we can help you find what you need. Our team provides leasing, property management, and sales services to residential property owners and investors around the greater D.C. region, including Northern Virginia and parts of Maryland. 

Contact us today with any questions and let’s connect!

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Enhanced Reporting

Your portal includes a selection of extremely useful reports. Reports are available in the “Reports” section, and are distinct from the financial statements. Unlike financial statements which are static records, Reports are dynamic real-time records that will update with current data every time you view them. 

Scroll down to learn more about Reports:

Navigate to the "Reports" module in your portal:

  • Keep in mind, these reports are dynamic records. They will refresh to display current information every time you view them. 

Enhanced Rent Roll Report:

  • The Enhanced Rent Roll Report will show the rent amount, last payment date, move-in date, lease expiration date, and security deposit amount for each of your tenants. 
  • It will also show a portfolio summary with occupancy percentage, vacancy loss, and more!

Unit Comparison Report:

  • If you own multiple units (or buildings) with Nomadic, you’ll get access to the Unit Comparison Report. 
  • This report enables you to quickly compare financial performance between your units at a glance without toggling between individual reports. 

Income Statement Month-Over-Month:

  • The Income Statement Detail – Monthly Report serves as a month-over-month record of portfolio performance. You’ll see itemized income and expense categories and can track monthly. This report will update with fresh data every time you view it. 

Financial Statements

Financial statements will be published to your portal on a monthly basis. The statements are found in your Documents library, and provide a historical record of all financial performance. The statements serve as a snapshot of financial performance over a given period, and are static documents (unlike Reports, the statements do not update/change in real-time). 

Scroll down for more info about the Financial Statements in your Documents library:

The Documents area contains monthly financial statements:

  • The statements in the Documents are are static documents. They are posted to the portal once a month to serve as a historical record of financial performance. 

Download a statement to see month and YTD financials:

You'll also find a month-over-month operating statement:

Portal Communication Tool

You can use your owner portal to communicate with our team. Any messages you send through the portal will go straight to your Account Manager. When we reply, you’ll get an email notification and you’ll also see the message in your portal next time you log in. 

Here’s an overview of using the communication platform:

Click "Communications" and navigate to "Conversations":

  • The communications module will contain a record of all messages that you create through the portal. 

Click the "New Message" button and send your message:

Responses will show up in the conversation ticket:

  • You’ll get an email notification whenever you get a response, and you’ll also see the message in your portal next time you log in. 

You can reply in-line using the comment box:

Each conversation will be logged in its entirety:

Understanding the Ledger

Your portal includes a ledger with all transactions. The ledger is populated with data in real-time as transactions flow through our accounting software. Much of this information is also available in the Reports area, as well as the Statements in your Documents library, but the ledger is the most comprehensive resource for diving into the details. 

Please scroll through the sections below to get a better understanding of how to interpret the ledger. 

By default, transactions are sorted chronologically:

  • The date reflected in the lefthand column is the actual transaction date, not the “bill date”. This is the date the transaction was actually processed. 

If you have multiple properties with Nomadic, you'll see the address for each transaction in the "Location" column:

  • You can filter the ledger to look at just one property, all properties, or specific sets of properties. 
  • If you only have one property with us, you’ll just see the ledger for that property. 

The Description column displays the transaction type:

  • BILL: this is an expense transaction, such as for repair costs or management fees.
  • CHARGE: this is a transaction  billed to the tenant, most typically a rent payment. 
  • NACHA EXPORT: this is a credit we processed to your distribution account. This type of transaction is how you get paid! 

The Amount column shows the dollar value of each transaction:

  • Positive Amounts: if an amount is positive, it reflects a transaction that is payable to you. Typically, this will be a rent payment that we collected from your tenants. On occasion, a positive number could also signify a journal entry or credit adjustment. 
  • Negative Amounts:  if an amount is negative, this is a transaction that is either payable to Nomadic or is an amount that has already been paid to you. Typically this will be for repair costs or management/leasing fees. Owner draws (net distributions into your checking/savings account) also reflect as negative amounts, since they have already been paid to you. 

The Account Balance column shows a sum of positive/negative transactions at a given point in time:

  • Account Balance should always equal zero after a net distribution has been processed. When the balance is zero, this means that all expenses have been paid and you’ve received the remainder as net operating income, leaving a balance of zero (meaning: no one is due any money, as all funds have been distributed appropriately). 

Navigating the Propertyware Owner Portal

Your portal includes some extremely useful features that help you understand your property’s financial performance at a new level, with real-time transparency into every transaction.

Scroll through the snapshots below for an overview of portal navigation! If you need more help or have specific questions about using the portal, you can reach out to your Account Manager any time for a screen share. 

You can filter all info by date range or property:

View a snapshot of income and expenses on your dashboard:

See every transaction in real-time on your ledger:

Statements and forms will be posted to your documents library:

View a suite of real-time financial reports:

See a running list of all bills, and drill down for more detail:

Under Bill Details, you'll find dates/descriptions/amounts and more:

You can also communicate with your Account Manager through the portal:

How do net distributions work?

Net distributions keep your accounting clean and simple. Each month we’ll collect rent from the tenants, deduct any repair expenses for the previous month and any management/leasing fees for the current month, and credit the remaining net operating income to your account. 

You’ll receive a statement via email each time a net distribution is processed, and can view all transaction details in your Propertyware owner portal.