Northern Virginia Student Housing Conversion Gets New Management
Marymount University acquired the 267-unit multifamily asset for $95 million in early 2019.
The Rixey
Marymount University has selected The Michaels Org. to manage The Rixey, a 267-unit multifamily asset in Arlington, Va. The institution acquired the building for $95 million from Shooshan Co. in early 2019 to convert it into a student housing community. Marymount and Michaels Student Living will handle leasing at the property.
The Rixey opened its doors in 2017 and obtained LEED Gold certification in May the following year. Once fully converted to student housing, the community will have 502 beds configured in a mix of studio, one- and two-bedroom apartments. Property amenities will include a 24-hour fitness center, rooftop spa and outdoor firepit.
Residency at the property will be restricted to Marymount students or those associated with other institutions within the D.C. Consortium of Universities. Affiliated staff will also be eligible to lease apartments.
Located at 1008 N. Glebe Road in the Ballston neighborhood, the asset is next to Marymount University’s Ballston Center and less than 2 miles south of its main campus. The property is in an accessible location alongside Interstate 66, with the D.C. Metro’s silver and orange lines operating a short walk to the east.
In addition to Michaels’ 56,000-unit management portfolio, the company is an active developer, with several major projects underway. In November, the firm broke ground on a 60-unit affordable community in Newark, N.J.
