Quarterra, PGIM Break Ground on NoVa Community

Quarterra Multifamily and PGIM Real Estate have broken ground on Alexandria Crossing, a 385-unit community in Alexandria, Va. Also known as Edson, the development is set to come online in 2028. ING Capital is the project’s lead lender.

This is Quarterra’s first multifamily development in Alexandria and the second in Virginia. Plans also call for an expansion by Lennar Corp. featuring 44 two-over-two townhomes and 33 for-sale traditional townhomes.

Located at 6239 Shields Ave., Alexandria Crossing will sit off U.S. Route 1 on some 7 acres. The property will be within walking distance of multiple transit stops, retail and dining options, medical centers, walking paths and bike trails.

The seven-story community will include studio to three-bedroom units, with floorplans ranging from 398 to 1,378 square feet. The project is also aiming for National Green Building Standard Gold Certification.

Amenities at the pet-friendly Alexandria Crossing will comprise a fitness center, clubhouse, business center and courtyards. It will also encompass an eight-level parking garage with nearly 500 spaces and EV charging stations, as well as some 130 bicycle racks and 40 resident storage units.

A growing national portfolio

At the beginning of this year, TPG Real Estate bought a majority interest in Quarterra. Lennar has retained a minority stake in the platform and will continue to consult on the management of the firm.

Before that, Quarterra had previously entered a merger with RKW Residential, reaching a combined platform of some 52,000 multifamily units nationwide under management and more than $20 billion in assets.

Currently, the firm has a total of 51 assets in its portfolio, both completed and under construction, and more than 8,600 units in the pipeline.