By Dees Stribling, Contributing Editor
Bethesda, Md.—Though supply is growing, demand for apartments is still strong in metro Washington, D.C., with LCOR reporting that fully half of the units in its Aurora multifamily development are leasing since the property opened in July. That’s about 11 units per week at the 341-unit property in suburban Bethesda, Md.
Aurora features a mix of studios and one- and two-bedroom units whose kitchens come with either a breakfast bar or kitchen island, while bathrooms include deep-soaking tubs. Common amenities include the Aurora Sky Club located on the 18th floor, which features a bar, TV lounge and conference area, sun shelf and rooftop terrace.
Aurora also features a resort-style outdoor pool with sun deck and barbecue area, a business lounge equipped with Macs and PCs, and a media game room with shuffle board, table tennis, Foosball and electronic gaming systems. Also at the property are a golf simulator, fitness center, concierge service, a bike repair station with storage area and on-site parking for residents. Available units start at $1,423 for studios, $1,656 for one-bedrooms, and $2,193 for two-bedrooms.
The property is slated for LEED certification. It’s the third phase of LCOR’s North Bethesda Center, a joint development project approved by the Washington Metropolitan Area Transit Authority that creates an urban neighborhood near Red Line metro service. The 32-acre project will include residences, office space, retail, entertainment and public outdoor spaces near the White Flint metro station.
Though demand is still healthy in metro D.C., supply is finally overtaking that demand, according to investment specialist Marcus & Millichap. On the demand side, employers will add 32,000 jobs to metro D.C.’s workforce by the end of 2014. On the supply side, however, there will be a total of 18,000 units delivered this year, compared with 10,580 in 2013, and vacancy is predicted to rise accordingly, to 5.9 percent by the end of this year, compared with 5.1 percent at year-end 2013.