JAG Completes DC-Area Boutique Property
This is the developer's second property to be located in this nearby Northern Virginia neighborhood.
Jefferson Apartment Group and joint venture partner STARS REI have teamed up to deliver J Luna at Ballston, a seven-story 98-unit luxury boutique property located in the Ballston neighborhood of Arlington, Va.
Located at 1031 N. Vermont St., the infill development was previously the site of the Rivendell School, a private K-8 school, and earlier, the First Baptist Church of Ballston. The property is in the sought-after Ballston submarket with prime access to Washington, D.C. It is four blocks from the Ballston-Marymount University Metro station on the Orange and Silver lines. The partners received a $32.1 million construction loan for the project from United Bank of Fairfax, Va., in April 2022.
J Luna at Ballston has a mix of one-, two- and three-bedroom layouts, some with dens, ranging in size from 544 square feet to 1,455 square feet. Rents range from $2,425 to $5,100, according to Yardi Matrix data.
Units interiors feature finishes including Silestone quartz countertops, tile backsplashes, stainless steel appliances, plank flooring, upgraded fixtures and washer-dryers. Many apartments also have private terraces and balconies.
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Amenities include a clubroom lounge, fitness center, outdoor entertainment patio with a fire pit, coworking space, a pet spa with grooming stations. The property has 120 below-grade parking spaces, 40 bicycle spaces and resident storage.
J Luna is JAG’s second new community in the Ballston submarket. The McLean, Va.,-based real estate firm also developed J Sol, a 326-unit high-rise that opened in 2020.
Earlier projects
JAG and STARS REI, a real estate investment management company headquartered in Santiago, Chile, have worked together in the past. Also in the Greater Washington, D.C. area, the two firms partnered on the development of J Linea, a mid-rise multifamily property located in the District’s Shaw neighborhood.
In September 2024, JAG Management Co., a JAG affiliate, assumed management duties for J501 Estates, a 201-unit community in Durham, N.C., that was originally acquired with STARS REI in December 2023. The property is located near Duke University and the University of North Carolina and also has quick access to Research Triangle Park. The partners purchased the garden-style asset at 240 Ivy Meadow Lane from Spyglass Capital for $70 million and began a renovation program that is slated to conclude this year.
At the start of this year, JAG and equity partner CP Capital completed the first building of J Veridian at Upper Dublin, a suburban Philadelphia apartment complex. The rest of the Fort Washington, Pa., property is expected to be completed this spring. It will have a total of three five-story buildings with 310 units.
Last summer, JAG opened Rivermark at Northern Liberties, a 470-unit community along the Delaware River in Philadelphia. The property also has 45,000 square feet of retail anchored by a Sprouts Farmers Market.
In April, the company completed construction of J. Ardin at Apopka, a 304-unit community in the Orlando suburb of Apopka, Fla., in April 2024.
