Project Near Amazon’s HQ2 Lands Loan
- Sep 30, 2021
NOVO Properties has secured construction financing for The Grayson, a 119-unit community in Alexandria, Va. Avison Young arranged the financing package for the project honoring Sarah Gray, a renowned African American teacher and principal of the city during the 19th century.
NOVO acquired the less than one-acre plot in July 2019 for $9.3 million, Alexandria City County data shows. The Alexandria Planning Commission and City Council approved the project in June of the following year.
With the construction financing originated by EagleBank, the developer is set to break ground on the transit-oriented development. SK+I Architecture is handling the design of the 122,000-square-foot project that also includes 11,000 square feet of daycare as well as 7,000 square feet of retail space.
The seven-story mixed-use development will take shape at 1200 N. Henry St., close to Amazon’s upcoming HQ2, within walking distance of the Braddock Road metro station and several other bus stops. The Grayson is slightly over a mile north of downtown Alexandria, less than 8 miles from Washington, D.C.
The Washington DC market
There are currently eight properties totaling 3,122 units under construction within 3 miles of The Grayson’s location, according to Yardi Matrix data. While half of the communities are fully or partially affordable, the majority of units underway (2,168) are market rate.
The Washington metropolitan area is well on its way to economic recovery, with an unemployment rate of 4.8 percent as of August, according to preliminary Bureau of Labor Statistics information. The figure is 40 basis points lower than the national average and well below the metro’s 9.8 percent registered at the debut of the pandemic.
Earlier this month, a joint venture between Invesco Real Estate and Jefferson Apartment Group acquired J Harbor Park at North Point in Reston, Va., another Northern Virginia property. The partnership paid $65 million for the 190-unit community.