In a July news story, CBS MoneyWatch ranked apartment rents in the Washington, D.C., area as the fourth highest in the nation, behind San Francisco, New York and Boston but ahead of Los Angeles or Miami. And Marcus & Millichap reports that rents will continue to grow throughout the year. Bad news for renters but great news for developers such as the JBG Cos. The Chevy Chase-based private real estate development firm plans to bring 212 high-end units to Northwest Washington, D.C.’s desirable Woodley Park neighborhood in March 2014.
Called the Woodley, it is one of the first new residential developments to arrive in many years in the Woodley Park neighborhood. The project is a joint venture between JBG and the Los Angeles-based CIM Group. It will deliver a new, eight-story building featuring a spacious courtyard with swimming pool and 272 parking spaces in a below-grade garage. Amenities include a 24-hour concierge, a library, a fitness center, a pet grooming area, a lounge with catering kitchen, a landscaped rooftop terrace with grilling stations, walking paths and views of the D.C. skyline. The 212 apartments will have hardwood floors, state-of-the-art kitchens, balconies and terraces.
Architects David M. Schwarz, Cooper Carry Inc. and VOA designed the 280,000-square-foot building to fit within the historic Woodley Park. They took inspiration from the neighboring Marriott Wardman Park Hotel, listed on the National Register of Historic Places, and the grand apartment buildings along Connecticut Avenue.
“We believe The Woodley will be attractive to those who want to live in town and still have a sense of a residential community,” said Kai Reynolds, a JBG partner, in a statement for the press. “These individuals want high-quality architecture and finishes and they expect a very high level of service and amenities – and The Woodley delivers that.”Photo credits: The JBG Cos. Charts courtesy of Marcus & Millichap Real Estate Investment Services