MRP, JBG Start Apartment Leasing at The Alric

MRP Realty and The JBG Companies started work on The Alric apartment project in March, 2013. Now, as the development approaches completion, the two companies have announced that they have started leasing apartments.

By Adrian Maties, Associate Editor

Less than 18 months after launching The Alric apartment project, MRP Realty and The JBG Cos. have announced that they have started leasing units.

Located at 731 Seaton Ave. in Alexandria, The Alric consists of two five-story buildings with 323 studio, one- and two-bedroom units, some with dens. Community amenities include a rooftop lounge with terrace, a fire pit, underground parking, a game room, a two-level fitness center, a salt water pool and more. The Class A multifamily development was designed by SK&I Architectural Design Group LLC of Bethesda.

The Alric is the first phase of development at The Exchange at Potomac Yard, a 14-acre project within the 300-acre Potomac Yard mixed-use neighborhood, which is designed to include nearly 2 million square feet of retail, office, hotel and residential space. The apartment community is located adjacent to the future Potomac Yard Metro Station. with Yellow and Blue Line service.

“Living within minutes of historic Old Town, the Pentagon, Crystal City and Ronald Reagan Washington National Airport offers some of the best amenity access for residents of The Alric,” JBG Principal Andrew Vanhorn said in a statement for the press. “The Exchange at Potomac Yard harnesses a sense of local community, with the option to easily travel to local and national destinations.”

“The Alric, like the greater Potomac Yard neighborhood, is a destination with an energetic, urban sensibility,” added John Begert, principal of MRP Residential, the multifamily division of MRP Realty.

Marcus & Millichap reports that over the last 12 months apartment vacancy in the Washington, D.C., metro area increased by 0.2 percent, due to a wave of new supply. By the end of the year, vacancies are expected to reach 5.9 percent, but new inventory has been well received. Vacancies at buildings constructed after 2000 declined by 0.2 percent year over year, to 5.8 percent.

Meanwhile, apartment rents in the area dropped 0.5 percent over the past 12 months, reaching $1,534 per month in the first quarter of the year. Properties built after 2000 also registered a reduction in rents in the first quarter, to $1,887 per month. This represents a year-over-year decrease of 2.9 percent. Marcus & Millichap expects new inventory to push up apartment rents this year, to $1,562 per month, a 2 percent rise.

Photo credit: The Alric
Charts courtesy of Marcus & Millichap.