Washington Property Company

What Washington Property Company does

Washington Property Company (WPC) is a privately held, family-owned (Nulsen family) full-service commercial real estate firm headquartered in Bethesda, Maryland, serving the Washington D.C. Metropolitan Area. The company operates four property verticals — Class A office, luxury multifamily under the Solaire brand, retail, and self-storage — across Maryland and Northern Virginia submarkets including Bethesda, Silver Spring, Rockville, Falls Church, Tysons, Alexandria, Frederick, and Laurel. Cumulative production exceeds 8 million square feet developed and 3 million square feet repositioned. The in-house team is relatively lean at 22 named professionals across development, acquisitions, finance, property management, construction management, leasing, legal, accounting, HR, engineering, and marketing.

The service stack is vertically integrated across the full real-estate value chain: acquisition and land sourcing, land-use entitlements, ground-up development, construction management, leasing, and ongoing property management. Revenue is generated through a mix of recurring streams (property management fees, base rental income on owned office/retail/multifamily assets, leasing commissions) and transactional streams (development fees, gains on repositioned or sold assets, construction management fees). Distribution is direct — an in-house leasing team complemented by D.C. Metro brokerage relationships for tenant sourcing, and an in-house acquisitions team that uses long-standing local relationships to source off-market and undervalued deals. Self-storage assets are operated under management agreements with branded operators CubeSmart (4 Research Place, 44 Research Place, 7110 Woodmont Avenue) and Extra Space Storage (Cherry Lane, future 8601 Walker Mill Road), providing operating leverage without building a self-storage operating platform. Joint ventures with institutional capital partners, including Alex. Brown Realty, Inc., are used selectively for larger acquisitions.

The Solaire brand is the firm's growth engine. Six delivered communities total roughly 1,373 units (Solaire 1150 Ripley, Solaire 7077 Woodmont, Solaire 8250 Georgia, Solaire 8200 Dixon, Solaire 7607 Old Georgetown) plus acquired assets The Mark (227 units) and College Park Portfolio (81 units). The forward pipeline adds approximately 844 units in planning — Solaire East Lane (~150 units) and Solaire 8001 Westpark in Tysons (~694 units) — alongside continued self-storage expansion. No proprietary technology platform is described in the available sources; competitive differentiation is grounded in three decades of regional deal-sourcing relationships, balance-sheet capacity to self-fund ground-up development (e.g., the $107 million Solaire 7607 Old Georgetown), and demonstrated execution in adaptive-reuse repositioning (office-to-self-storage conversions at 4 and 44 Research Place, 7110 Woodmont).

Name

Washington Property Company

Legal name

Washington Property Company

Website

https://washproperty.com

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

11–50 employees

Short description

Washington Property Company is a privately held, family-owned full-service commercial real estate firm in Bethesda, MD, developing, acquiring, leasing, and managing Class A office, luxury multifamily (Solaire brand), retail, and self-storage assets across the Washington D.C. Metropolitan Area, with over 8 million square feet developed.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Services

NAICS

Nonresidential Property Managers (531312), Real Estate Property Managers (53131), Lessors of Miniwarehouses and Self-Storage Units (53113), Lessors of Nonresidential Buildings (except Miniwarehouses) (531120)

SIC

Operators Of Nonresidential Buildings (6512), Real Estate (6500), Real Estate Agents & Managers (For Others) (6531), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Office Property Management (BPAJAGAA)

akta.pro secondary industries

Office Real Estate Asset Management (BPAJAMAG), Self-Storage Property Management (BPAJAGAM)

Keywords

• Commercial real estate development
• Property management services
• Real estate acquisitions
• Luxury apartment rentals
• Construction management services

Headquarters

HQ city

Bethesda

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Development fees and property development: WPC develops commercial, retail, and residential real estate projects for its own account and likely for joint venture partners, generating revenue through development fees and the appreciation of completed assets. Projects include the Solaire luxury apartment brand, office buildings, retail centers, and self-storage facilities.
2. Property management services: WPC provides property management services for its own portfolio and for third-party owners, earning recurring management fees.
3. Leasing commissions and rents: WPC earns leasing commissions and rental income from its commercial and retail tenant base across its portfolio of office, retail, and residential properties in the D.C. Metro area.
4. Construction management fees: WPC provides construction management services from initial space planning through project completion, managing tenant interior fit-outs and new development projects for its own account and for investors.
5. Acquisition and repositioning gains: WPC acquires under-valued and under-utilized properties, repositions them through renovation and improved management, and either holds them for rental income or sells them at a gain. The company has repositioned over 3 million square feet of properties.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Washington Property Company is a full-service commercial real estate firm that acquires, develops, leases, and manages office, retail, residential, and self-storage properties across the Washington D.C. Metropolitan Area. The company operates the Solaire brand of luxury apartment communities and offers third-party property management, leasing, construction management, and acquisition services.

Product overview

Washington Property Company (WPC) is a full-service commercial real estate company offering a portfolio of real estate investment services including acquisition, land use, development, property management, leasing, and construction management. The company operates across multiple property types: (1) Residential Development through its Solaire brand of luxury apartment communities (Solaire 7607 Old Georgetown, Solaire 8200 Dixon, Solaire 8250 Georgia Avenue, Solaire 7077 Woodmont, Solaire 1150 Ripley, plus future projects Solaire East Lane and Solaire 8001 Westpark); (2) Residential Acquisitions including The Mark by Solaire and College Park Portfolio; (3) Commercial Properties including office buildings like Silver Spring Plaza, Stone Ridge Medical Center, and various Bethesda/Rockville/Falls Church properties; (4) Retail Properties including Ballenger Creek Plaza and Bethesda Corner; (5) Self-Storage facilities including CubeSmart properties at 7110 Woodmont Avenue and 4/44 Research Place, plus Extra Space Storage-managed facilities at Cherry Lane and Walker Mill Road.

Differentiator

Problem solved

Functional benefit

Brands

• Solaire: Luxury apartment brand developed by Washington Property Company featuring residential communities in the Washington D.C. metro area including Bethesda, Silver Spring, and Tysons.

Products and services

• Development Services
• Property Management
• Leasing
• Construction Management
• Acquisitions
• Solaire 7607 Old Georgetown
• Solaire 8200 Dixon
• Solaire 8250 Georgia Avenue
• Solaire 7077 Woodmont
• Solaire 1150 Ripley
• CubeSmart 7110 Woodmont Avenue
• Silver Spring Plaza
• Stone Ridge Medical Center
• 3160 Fairview Park Drive
• Solaire Social

Quantifiable outcome

• Over 3 million square feet of properties repositioned with significantly improved value and performance
• +5 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Extra Space StoragecoreTechnology or Integration · 1 June 2024Extra Space Storage, one of the nation's top self-storage owners and operators, manages WPC's Cherry Lane self-storage facility in Laurel, MD (891 units, completed July 2024) and the future 8601 Walker Mill Road facility in Capitol Heights, MD (875 units, expected 2026).
• CBRE Group Inc.minorChannel Partner/ Reseller/ Distributor · 12 July 2019CBRE Group Inc. (NYSE: CBRE) represented the seller, a global private equity firm, in WPC's acquisition of a 5.2-acre parcel of land in Tysons, VA for approximately 700 Solaire-branded apartments. John Sheridan of CBRE facilitated the transaction.
• Alex. Brown Realty, Inc.coreStrategic or Co-development Partner · 1 September 2016Alex. Brown Realty, Inc., a Baltimore-based real estate investment firm, partnered with WPC in a joint venture to acquire the adjacent office building at 4 Research Place in Rockville, MD for $17 million. WPC subsequently converted both buildings to self-storage (CubeSmart), demonstrating a strategic co-investment and repositioning partnership.
• CubeSmartcoreTechnology or IntegrationCubeSmart, one of the nation's leading self-storage operators, manages WPC's 7110 Woodmont Avenue adaptive reuse self-storage facility in Bethesda (240 units, delivered 2024), 4 Research Place (715 units, Rockville, converted 2016), and 44 Research Place (771 units, Rockville).

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• StonebridgeCarras: StonebridgeCarras is a Washington DC-based commercial real estate developer and investor focused on office, mixed-use, and residential developments — directly comparable to WPC's DC Metro office-to-residential repositioning strategy, with Andrew Eshelman (now WPC Principal) previously serving as a StonebridgeCarras Principal.
• The Donohoe Companies: Donohoe is a full-service commercial real estate and construction company headquartered in the DC Metro area with residential, commercial, hospitality, and self-storage operations — directly comparable to WPC's vertically integrated, multi-product DC Metro platform and family-owned operating model.
• Foulger-Pratt: Foulger-Pratt is a private, full-service commercial real estate developer and property manager in the DC Metro area with residential, office, retail, and mixed-use developments — directly comparable to WPC's Bethesda-based, full-service, DC-Metro-focused real estate platform.
• Bozzuto Group: Bozzuto is a private residential real estate developer, builder, and manager with significant operations in the DC Metro area, focused on luxury apartment communities — directly comparable to WPC's Solaire luxury residential brand and its transit-oriented DC Metro development strategy.

Broad incumbents

• Greystar Real Estate Partners: Greystar is the largest apartment manager and developer globally with significant DC Metro luxury apartment operations — a broad incumbent comparable to WPC's Solaire residential development and management activities, but operating at much larger institutional scale.
• JBG SMITH Properties: JBG SMITH is a publicly-traded REIT specializing in mixed-use, office, and multifamily properties in the Washington DC metropolitan area — directly comparable to WPC's DC Metro focus, mixed-asset-class strategy, and suburban-to-urban development approach, though at significantly larger scale and with REIT capital access.
• The JBG Companies (legacy): The legacy JBG Companies was a major DC-area commercial real estate firm specializing in mixed-use development, office, and multifamily — directly comparable to WPC's DC Metro development focus, with WPC's SVP of Acquisitions Quinn Rounsaville having spent 14 years at JBG before joining WPC.

Others

• CubeSmart: CubeSmart is a publicly-traded self-storage REIT that manages multiple WPC self-storage facilities (7110 Woodmont, 4 Research Place, 44 Research Place) — comparable as a key operating partner and the self-storage industry leader, though as an outsourced manager and strategic partner rather than direct competitor.
• Walsh, Colucci, Lubeley & Walsh: A prominent Northern Virginia commercial real estate law firm — comparable to WPC's DC Metro land use and zoning focus, though as a professional services provider to the regional real estate industry rather than a competing developer.

Regional players

• Bernstein Management Corporation: Bernstein Management is a DC-Metro-focused commercial real estate firm with a portfolio spanning office, multifamily, retail, and mixed-use properties — directly comparable to WPC's DC Metro asset mix and private operating model, with similar scale and mid-market positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Washington Property Company