Ground Broken on Apartments in Fair Lakes
- Nov 13, 2012
Balfour Beatty Construction, a leader in the U.S. commercial construction industry and part of the London-based Balfour Beatty plc, has started work on a new residential project in Fairfax for The Bainbridge Cos. and Chesapeake Realty Partners. Called the Fair Lakes Apartments, the project is expected to be completed in November 2013.
The 144,253-square-foot, urban infill Fair Lakes Apartments project will be developed on Fair Lakes Circle in Fairfax. The site is close to shopping, restaurants, I–66, Ox Road and Fairfax County Parkway. Dulles Airport is just 5 miles to the west.
Fair Lakes Apartments will be a six-story, wood-framed building with 150 units and three stories of underground parking. The Maryland-based SK&I architectural firm designed the u-shaped building to wrap around an outdoor pool and spa. Amenities also include a fitness room. The Fair Lakes Apartments will feature a façade of glass and brick, with metal and wood panels, and fiber cement siding.
Fifteen of the 150 units will be studio apartments. There will also be 89 one-bedroom units and 46 two-bedroom units. Apartment features include Hardwood plank–style flooring and kitchens with granite countertops, stainless steel finish appliances, and tile backsplashes. The rental apartment community is pet–friendly and also includes elevator access. It is designed to be compliant with National Association of Home Builders Green Building standards.
Apartment vacancies are dropping in the Washington DC metropolitan area, with the vacancy rate expected to end the year at 3.9 percent. According to Marcus&Millichap, multifamily starts have jumped and represent more than 40 percent of all residential groundbreakings over the past year, approximately two times the typical proportion. The slight decline in vacancy this year confirms that the metro’s apartment sector is in a new phase, where a closer alignment in tenant demand and completions will maintain vacancy within a tight range.
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Photo credits: Chesapeake Realty Partners
Charts courtesy of Marcus&Millichap.