Arlington, Va., Site Sold To Make Way for Apartment Building and Townhomes
Jefferson Apartment Group, a McLean, Va.-based multifamily developer, has teamed with STARS REI, a privately held real estate investment management company based in the South American country of Chile, to acquire land in Arlington, Va., with plans to build 98 multifamily units.
Northern Virginia Church Properties was the seller. The price was not disclosed, but public records list the sale at $12,252,400.
Located at 1031 N. Vermont Street in the popular Ballston neighborhood, construction of the seven-story high-rise is slated to begin in the last quarter of 2021, with a completion date of summer 2023. The land designated for townhomes is currently being marketed to builders.
“The site is fully entitled and provides the ability to start construction in 2021,” Greg Van Wie, Jefferson Apartment Group’s senior vice president and development partner, told Commercial Observer. “It also benefits from an outstanding location in close proximity to the urban core of Ballston, while offering a quieter, more residential feel by virtue of being one block off of Fairfax Drive.”
The apartments will feature a mix of one-, two- and three-bedroom units and include stainless steel appliances, quartz countertops, and many will offer private terraces and spacious balconies. Community amenities will include a resident lounge and rooftop terrace, as well as secure, below-grade parking with 120 spaces; 40 bicycle parking spaces; and resident storage.
The site also includes a separate parcel approved for 10 townhome lots, which Van Wie noted has drawn strong interest from the homebuilder community and will allow JAG to reduce its basis in the multifamily land.
The townhomes will be 2,000 square feet in size and feature three-bedroom, three-and-a-half-bath floor plans with a private rooftop terrace and private, two-car garage.
“As evidenced by the successful lease-up at our nearby J Sol project, there is strong demand for new luxury living options in Ballston, which offers convenient access to most of the major employment nodes in the metro area, including the District via the Orange/Silver Line, National Landing and HQ2 via the Blue Line and the Toll Road corridor via the Silver Line,” Van Wie said. “In addition, we believe the Ballston market is underserved by the type of smaller, more boutique product that caters to a slightly older, more mature demographic exemplified by this project.”
Northern Virginia Church Properties was represented in the deal by Steve Ranck at JLL and Dean Stiles of CBRE. JAG was not represented by a broker.