Top 5 Multifamily Properties Under Construction in Washington, DC
- Oct 13, 2021
The multifamily sector has shown its resilience, with most key indicators trending positively. From a development perspective, the Washington, D.C. metro continues to be more active than most: Nearly 40,000 units across 122 properties were under construction as of August, according to Yardi Matrix data.
Some 7,700 units delivered year-to-date through August, including PTM Partners’ Watermark at Buzzard Point, a 453-unit community in southwest Washington, D.C. This year, developers broke ground on more than 6,700 units across 28 properties. Here are the five largest multifamily developments underway in the Washington D.C. metro, based on Yardi Matrix data.
|Rank||Property Name||No. of Units||City||Owner||Anticipated Completion|
|1||Loudoun Metro||4,128||Ashburn, Va.||Soave Enterprises||Q2 2022|
|2||Crossing DC||818||Washington, D.C.||Tishman Speyer||Q4 2022|
|3||1900 Crystal Drive||808||Arlington, Va.||JBG SMITH Properties||Q1 2024|
|4||861 New Jersey||750||Washington D.C.||Oxford Properties Group||Q4 2022|
|5||Carlyle Crossing||700||Alexandria, Va.||StoneBridge Investments||Q4 2022|
5. Carlyle Crossing in Alexandria, Va.
In September 2019, StoneBridge Investments and Creek Lane Capital broke ground on Carlyle Crossing, a 700-unit community at 2501 Mandeville Lane in Alexandria, Va. The project, which includes three 18-story towers, is scheduled for completion in the last quarter of 2022. Pacific Life Insurance Co. financed the $400 million development with a $253 million construction loan.
Carlyle Crossing will include a 210,000-square-foot retail component anchored by a Wegmans grocery store, as well as a 1,550-stall parking garage. Amenities include a 3-acre private terrace, coworking space, a demonstration kitchen and a presentation stage. The development is within walking distance of two of Alexandria’s largest employers: the National Science Foundation and the U.S. Patent and Trademark Office.
4. 861 New Jersey in Washington, D.C.
A joint venture between Oxford Properties Group, J.P. Morgan Asset Management and Greystar is currently developing 861 New Jersey, a 750-unit community near the Washington Navy Yard. The partnership broke ground on the two-building asset in March 2020, with completion expected in October next year.
The project is rising at 861 New Jersey Avenue SE on land owned by rail freight company CSX. Upon completion, the property will also include 42,000 square feet of coworking space, 70,000 square feet of amenity space and a two-story parking garage.
3. 1900 Crystal Drive in Arlington, Va.
Earlier this year, JBG SMITH Properties broke ground on 1900 Crystal Drive in Arlington, Va. The 808-unit community will include a 27-story tower with 471 apartments and a 26-story tower with 337 units. Rising 300 feet, the buildings will feature a total of 40,000 square feet of ground-floor retail. Completion of the COOKFOX and Torti Gallas + Partners-designed project is scheduled for the beginning of 2024.
The development is taking shape on the site of a former office building within the National Landing district—home to Amazon’s second headquarters. JBG SMITH plans to include a series of neighborhood-oriented improvements such as a pedestrian-friendly street connecting 18th and 20th streets, enhanced streetscapes, bicycle facilities and a grand staircase connecting to public open space.
2. Crossing DC in Washington, D.C.
In March 2019, Tishman Speyer broke ground on Crossing DC, an 818-unit community in Washington, D.C. The project consists of two 14-story connected buildings with one-, two- and three-bedroom units ranging in size from 397 to 1,673 square feet, as well as 30,000 square feet of retail space on the lower floors. Wells Fargo Bank funded the construction with a $122 million loan. Completion is scheduled for the end of 2022.
Handel Architects designed the project, Clodagh Design is handled interior design and James Corner Field Operations is acting as landscape architect. The development team also includes Clark Construction as general contractor. The property spans a full block at 949 First St. SE in the city’s emerging Capitol Riverfront neighborhood, which encapsulates a wide array of new and upcoming multifamily, office and retail projects.
1. Loudoun Metro in Ashburn, Va.
Detroit-based Soave Enterprises started construction on one of the largest developments in the county’s history in August 2020. Spanning 158 acres between the Silver Line’s Ashburn and Loudoun Gateway Metro stations at the junction of Loudoun County Parkway and Shellhorn Road in Ashburn, Va., the project will include a total of 4,128 units, expected to come online in the second quarter of next year.
Soave Enterprises, which developed the 2,800-acre Brambleton master-planned community 4 miles to the west, plans to reserve 8 acres for an elementary school, designate a 23-acre public park and set aside land for additional office and retail space.