D.C.-Area Apartment Building Repositioned as Condos
Arlington, Va.—Currently, the Washington, D.C., area has more than 30,000 new rental apartments in the pipeline. That is among reasons Silverwood Companies of Reston, Va., along with Alexandria, Va.-based investment partner Freedom Development, is shifting a recently acquired 67-unit apartment building in Arlington, Va., to condominium ownership. Sales at The Avery being in May.
Located near the Courthouse Metro station in Arlington, the building at 1200 N. Rolfe St. was originally designed as condominiums and in 2011 transitioned to apartments after the for-sale housing market tanked. Silverwood Companies is among the first developers in the area to leverage the area’s dearth of new condominiums by presenting a former rental building as condominiums.
“Despite the considerable amount of apartments being built throughout the D.C. Metro, there is a huge shortage of condominiums, especially in Arlington,” Silverwood Companies’ president Mark Silverwood tells MHN. “The project size [of] 67 units, coupled with larger custom-designed floor plans, made The Avery a great candidate to go condo.”
Units are priced from $450,000 to $900,000, he adds.
The conversion from an apartment community to a for-sale community was a simple one, given the fact that The Avery was built with condo-like finishes. “Silverwood is only making small improvements to the lobby and hallways that we feel will attract potential buyers to their new homes,” Silverwood says.
The Avery is located in a park-like setting next to Fort Meyer. An exceptionally convenient location means the community is situated just an eight-minute walk to the Courthouse Metro station, and is close to the George Washington Parkway, Rtes. 50 and 66, and the retail, dining, culture and nightlife of Arlington and the District of Columbia. The Avery’s residents will be able to travel by vehicle, public transportation or on local bicycle trails to Georgetown and the Kennedy Center, both two miles away.
Individual condominiums range in size from 750 to 1,750 square feet, and feature up to 10-foot-high ceilings, open entertaining areas, gourmet kitchens with generously sized granite-topped islands and wide plank flooring.
Most also feature powder rooms, abundant closet space, built-in shelving and in-unit storage space particularly impress buyers. About 40 percent of the homes include private dens ideal for guest rooms or home office.
In addition, virtually nine out of every 10 homes at The Avery feature private outdoor spaces of up to 300 square feet in size. Those spaces include sprawling patios, balconies and individual rooftop terraces. Garage parking, bike storage and individual storage spaces are also available to residents of The Avery.
The building’s upscale amenities include a luxurious entrance lobby with staffed front desk, fitness center with strength training and cardio equipment, and the Avery Club Room, which opens into an expansive exterior terrace featuring landscaping, seating, cooking station and rooftop terrace.
“The steep rise in rents over the past few years, together with low interest rates has brought potential buyers back into the market, strengthening the demand for condominiums,” Silverwood says. “There is a current shortage of for-sale housing inventory, which creates a unique opportunity for prospective buyers to own a home at The Avery.”Tags: Acquisitions/Dispositions, Condominium sales, Freedom Development, Silverwood Companies