Why Invest in Real Estate Along the Silver Line

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silver-line

Washington DC is one of the 10th most expensive cities to live in in the US, coming in 5th place behind New York, San Francisco, Honolulu and Boston, MA.

In fact, residential real estate prices in Washington DC overall have increased by 30% since 2000, with nothing to suggest that prices are going into decline in the foreseeable future. In addition to being a very stable and high-demand metropolitan area, there are several catalysts (Amazon HQ2 is a prime example) that will support sustained value growth in the region over time.

The real estate market in the Nation’s Capitol is undoubtedly attractive. Real estate value is on the up, with a property appreciation increase of 303% since 2000, with just under 40% of DC residents owning their own homes.

Real estate developers or aspiring real estate investors should also be aware that more than 60% of the city’s residents live in rental accommodations, with an average market rent of $2,023 per month.

What this means for DC real estate buyers and investors alike is that finding the right location to invest in 2020 is crucial if they want a decent return on their investment. The new Silver Line developments offer an exciting opportunity for growth-oriented investors seeking a balance of stability and appreciation.

If you’re looking for new property investment in DC, there are plenty of opportunities in the new residential developments being built on the Silver Line phase two route. Let’s take a closer look…

Is This a New Hot Location?

Thousands of residential properties and businesses are planned around Fairfax County’s Silver Line stations as a result of the Silver Line Phase Two set to open this year, with three new Metro stations designed in Reston and Herndon, with trains ending at Dulles International Airport.

The new stations are:

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

In tangent with Silver Line phase two, there are several major real estate developments underway around these three new stations, and it’s a ripe location if you’ve got your eyes peeled for the next great real estate investment opportunity in the DC Metro Area.

There is a lot of buzz among DC residents about the long-awaited Silver Line development, and it is expected to bring a lot of benefits to residents in this region of Northern Virginia. The project will connect the NoVa suburbs to the city, and will offer DC residents direct access to several major transportation hubs. This has sparked the interest of major real estate developers, who are now starting to build residences, retail, and neighborhood amenities to support this new growth in the community.

The Washington Metropolitan Area Transit Authority (WMATA) is responsible for the creation of a 23-mile long extension to the Metro, and it’s this that’s known as the Silver Line. Phase one of the Silver Line, with five new stations, opened in 2014.

When Silver Line phase two is finished, the entire Silver Line will connect Falls Church, VA, with Dulles International Airport and a further two stations in Loudoun County.

In total, when complete, phase two Silver Line will have six stations: Reston Town Center, Herndon Station, Innovation Center Station, Dulles Airport, Loudoun Station, and Ashburn Station.

What Developments Are Planned?

There are several residential developments planned close to Reston Town Center metro. These include:

Halley Rise

One thousand five hundred residential units are intended to sit alongside a large grocery store, 1.5M SF office space, and 250K SF of retail space. There will also be five acres of green space.

Reston Gateway

This will be a 33-acre development that includes 2,010 residential units alongside 570 hotel rooms, 1.8M SF office space, and 162K SF of retail space.

RTC West

Two residential buildings 700 apartments across 675K SF that will sit alongside three new office buildings. One planned development close to Herndon Metro station is Woodland Park East.

These comprise of 678 residential units, which will be a mix of apartments and townhouses. These will sit alongside office and retail space and planned green space.

Last but not least, planned proposals for real estate around the Innovation Center Metro station. Innovation Center station will be the last Metro stop before Dulles International Airport. The proposed developments are:

Center for Innovative Technology Campus

There are plans to develop this 28.3-acre site into a space with residential units, office, and retail space, although at the time of writing, it is unclear what the number of residential units will be.

The Hub

The first phase of development is due to open in 2020, although this will not include the planned 1,265 residential units.

Alongside these, future developers and residents will find 350 hotel rooms, 400K SF retail space, and 3.5M SF office space. Green spaces include forests and miles of cycling and walking paths.

Innovation Center South

This is expected to have 1,000 residential units, 190 hotel rooms, and a 584K SF mix of office and retail space. The development will sit just south of the Innovation Center station.

Pomeroy Cos. Projects

These are two 40-acre sites that sit adjacent to the Innovation Centre station. The first site is called Aurora Station at Dulles and will include 1,031 residential units, outdoor space, and retail and commercial space.

The second site, 1 Sunrise Valley, is planned to include 1,114 residential units, a school, and commercial space.

Why Invest Along The Silver Line?

Anyone working or living in and around the stations covered above will have fast and easy access to central DC and Dulles International Airport, with commuter parking at Innovation Center, Herndon, Ashburn, Reston Town Center, and Dulles Airport stations.

There’s also fast access from the airport, including not only the Silver Line but the Silver Line Express Bus Service from Dulles International Airport.

Since stations on the Silver Line will share crossovers with other stations, anyone working or living in units along the new line will have greater access to the entire Metro rail system. This will increase commutability between DC and the NoVa suburbs, and will make this section of NoVa a more viable residential option for professionals and government personnel working in DC.

The Pomeroy Cos. Projects are potentially attractive to family investors because of the plans to build a school, as are other projects with planned green space suitable for family activities.

Ready to Make an Investment in Silver Line Phase Two?

If you’re considering either your first real estate investment or expanding an existing rental portfolio in the property being developed in phase two Silver Line districts, you’re in the right place. Let us help you invest your money wisely. We’ll help you with any Silver Line phase two questions you have.

Find out more about us and call us today on 202-223-9019 or email [email protected].

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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:

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

Enhanced Rent Roll Report:

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:

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:

Income Statement by Month Report
  • 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:

Owner Portal Documents
  • 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:

Owner Portal Property Statement

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

Month over Month 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":

Commincation Dashboard Screenshot
  • 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:

Owner Portal New Message Screenshot

Responses will show up in the conversation ticket:

Portal Conversation Response Screenshot
  • 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:

Owner Portal Comment

Each conversation will be logged in its entirety:

Portal Conversation Snapshot

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:

Owner Ledger Dates
  • 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:

Ledger Property 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:

Owner Ledger Description Column
  • 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:

Owner Ledger Amount Column
  • 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:

Owner Ledger Account Balance Column
  • 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:

PW Portal Filters

View a snapshot of income and expenses on your dashboard:

PW Owner Dashboard View

See every transaction in real-time on your ledger:

Owner Portal Ledger View

Statements and forms will be posted to your documents library:

Owner Portal Document Library

View a suite of real-time financial reports:

Portal Reports View

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

Owner Portal Bills View

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

Portal Bill Details

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

Owner Portal Communication Tools

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. 

Net Distribution

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.