360-Unit Luxury Development Breaks Ground in DC Area
- Feb 07, 2018
Erkiletian Development Co. has broken ground on The Sur, a 360-unit Class A community in Arlington, Va. PCCP LLC provided $35.9 million in preferred equity financing for the project, which will include more than 16,000 square feet of ground-floor retail and an additional 25,000 square feet of shared amenities.
“We saw this as a solid opportunity to provide preferred equity for The Sur, which would enable Erkiletian to embark on construction immediately,” said John Randall, partner with PCCP, in prepared remarks.
Situated on a 1.67-acre parcel at 3400 Potomac Ave., the property is part of the 40-acre National Gateway mixed-use development at Potomac Yard, a 295-acre site of a former railroad switch yard. The Sur will be located adjacent to the Ronald Reagan Washington National Airport and within a 15-minute drive of downtown Washington, D.C. The project is slated for completion by April 2020.
Residential units will range from 557-square-foot studios to 1,419-square-foot three-bedroom apartments. On-site amenities will include:
- landscaped garden
- party room
- rooftop spa
- fitness center
- dog spa and wash area
- conference room/business center
A team of HFF Managing Director Walter Coker, Director Brian Crivella and Senior Managing Director Susan Carras facilitated the equity financing, while U.S. Bank supplied the construction loan.
“We believe that The Sur will deliver a highly sought-after product that will generate interest from discerning professionals seeking luxury living in a prime D.C. location. In recent years, this submarket has seen an amazing transformation into a thriving 24/7 live-work-play environment as billions of dollars of capital investment has been made,” said Stefanie Erkiletian, president of Erkiletian Development Co., in a prepared statement.
Last December, PCCP LLC sold The Avanti, a 930-unit, D.C.-area residential community. The asset, dating back to 1965, traded for $131 million.
Image courtesy of PCCP LLC