National Harbor’s First Rental Apartment Development to Celebrate Grand Opening

National Harbor, the 350-acre mixed-use development, which opened in 2008 on the banks of the Potomac River, is about to get its first rental apartment community.

National Harbor, the 350-acre mixed-use development that opened in 2008 on the banks of the Potomac River, is about to get its first rental apartment community. Co-developers Peterson Cos. and The Bozzuto Group will celebrate the grand opening of The Esplanade at National Harbor on May 21.

The $70 million project broke ground in May 2013. It called for the construction of an apartment community with 262 luxury units, 14,400 square feet of street-level retail space and a parking garage for 420 cars.

The Esplanade offers a mix of studio, one-, two- and three-bedroom apartments. According to its website, rents start from $1,710 per month for a studio. The community offers its residents numerous amenities, including a clubhouse, a fitness studio and a swimming pool. It is also LEED certified. The amenity areas were designed by the Hartman Design Group.

According to Virginia Business, the first residents moved in in January. The community is currently about 20 percent occupied and 34 percent leased.

In its latest market report, Marcus & Millichap said that the vigorous rental demand in the Washington, D.C., metro drove developers to deliver this past year the highest number of apartments in more than a decade. However, in spite of the high level of construction, apartment vacancy only rose by 0.6 percent, reaching 5.3 percent at the end of the first quarter. Meanwhile, rents reached $1,572 at the end of the first quarter, up 2.5 percent over the past 12 months.

Photo credit: The Bozzuto Group