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Jan. 27, 2013

Mill Creek Starts Construction on 360-Unit Alexandria Apartment Community

By Adrian Maties, Associate Editor

Mill Creek Residential Trust L.L.C. has started construction on a 360-unit apartment community in Alexandria, Va. It is developing the project as part of a joint venture with AEW Capital Management and the original land owners, represented by Green City Development.

The transit-friendly, mixed-use multifamily community is called Landmark Gateway. It is located in Alexandria’s West End, with excellent access to I-395 and I-495 and the greater Washington, D.C., metropolitan area. Cameron Station, an established master-planned community of more than 2,000 single-family homes and condominiums, is adjacent to the site; the Van Dorn Metrorail station and Landmark Mall Shopping Center, Alexandria’s largest shopping center, are less than half a mile away. Green City rezoned the site from industrial to residential mixed-use on behalf of Gateway Holding I, a venture between Green City and O’Connor Capital Partners.

Landmark Gateway will offer its tenants studio, one- and two-bedroom units, including junior one-bedroom floor plan and den options and ranging in size from 509 square feet to 1,132 square feet. Apartment features include 42-inch maple cabinets, stainless steel appliances, tiled backsplashes and baths, in-unit washers and dryers, Schlage keyless entry systems and moveable kitchen islands.

The developers will also add 15,000 square feet of retail space. Other community amenities include a state-of-the-art fitness studio, cyber cafe, demonstration kitchen, game room and television lounge. The first units are scheduled to be delivered in the summer of 2014.

“There continues to be a growing demand for quality rental housing in the greater D.C. area,” said Sean Caldwell, managing director with oversight for the development of Mill Creek. “Landmark Gateway’s ‘inside the Beltway’ location provides unparalleled access to key employers, shopping and entertainment districts, as well as an incredible amenities package designed to appeal to today’s renter.”

Mill Creek currently has 1,591 units in active leasing or under development in the greater Washington, D.C., market. Furthermore, it is not the only company trying to bring luxury apartments to the area. Toll Brothers Inc., the nation’s leading builder of luxury homes, has also recently purchased a development site in downtown Bethesda and plans to break ground this fall on a seven-story building with approximately 60 luxury condominium residences and underground parking.

Photo credits: Mill Creek
Charts courtesy of Marcus & Millichap.
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