Mill Creek Residential Expands VA Community
- Apr 05, 2018
Mill Creek Residential has opened Modera Mosaic Phase II, a mixed-use apartment community in the upscale Mosaic District of Fairfax County, Va. The second phase features 222 units, joining 251 units in the original phase, which began leasing in 2015.
The new phase offers studio, one- and two-bedroom units in a five-story building with ground-floor retail. Common amenities include a rooftop deck, clubhouse and cyber café, fitness center, business center, TV/theater room, hotel-inspired pool, gas grills, private seating areas and a gas fire pit.
The property has sustainable features, such as programmable thermostats, low-flow plumbing fixtures and energy-efficient lighting in common areas. It is also a walkable part of the Mosaic District, which is a 31-acre urban development with about 2 million square feet of retail, restaurant, office, hotel and residential space.
DC Apartment Boom Slows Down Lately
Long a boom market, metro DC’s apartment rental growth has slowed down in recent quarters as more product, especially at the upper end, has come on line. In March, median rents in metro D.C. stood at $1,320 for a one-bedroom apartment and $1,520 for a two-bedroom, according to Apartment List.
That represents an increase of 0.5 percent over the past month, but rental growth has been relatively flat at an increase of 0.2 percent since the same time last year, reports Apartment List. The market’s year-over-year rent growth thus lags the national average of 2 percent.