With home sales slowing nationwide, demand for rental property is rising, along with rents. Archstone, a Colorado-based developer with a strong presence in Fairfax County, has just announced plans for a new apartment development in downtown Washington.
The company says it has acquired a 0.46-acre development site in the NoMa Business Improvement District in DC and plans to build a 206-unit apartment community on the parcel at 100 K Street NE.
The site is two city blocks from Archstone NoMa, which is under construction at the corner of 1st Street NE and M Street NE and is on track to lease first units in the first quarter of 2012. Construction on the 100 K Street community is expected to begin in the second half of 2012.
â€œThe Washington, D.C., metropolitan area is our largest market, and weâ€™re excited about this opportunity to develop another apartment community in the Districtâ€™s fastest growing neighborhood â€“ NoMa,â€ said Neil Brown, Archstoneâ€™s chief development officer. â€œIncluding the 100 K Street site, we plan to begin construction on projects totaling $575 million in the D.C. area alone in the next two years.â€
The 100 K Street site will be developed into Archstoneâ€™s 53rd apartment community in the Washington, D.C., metropolitan area, which is currently home to more than 17,500 apartment units owned and/or managed by Archstone. Like most of Archstoneâ€™s Washington DC apartments, the 100 K Street site is located within walking distance of major employers, public transportation stops and a number of popular retailers and restaurants.
Among the major employers within blocks of the site are the U.S. Securities and Exchange Commission, the U.S. Department of Justice, the U.S. Department of Education and XM Sirius Radio. The site is also within three blocks of both the Union Station Metro Station to the south and the New York Avenue Metro Station to the north. And within a 15 minute walk from 100 K Street NE is the U.S. Capitol, the U.S. Supreme Court, The National Mall and The Library of Congress.
Among Archstone’s apartment properties in Fairfax County are Archstone Fairchase, at 4411 Dixie Hill Road, and Archstone Monument Park, at 4457 Oakdale Crescent Court.