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Apartment Stock Poised to Rise in 2014
Apartment performance in the Greater Washington, D.C. area could lag this year, as the booming construction hits right at a time when the metro’s job market is cooling down.
Will Washington D.C. Apartment Performance Lag in 2014?
The construction boom hits right at a time when the metro’s job market is cooling down. Marcus & Millichap Real Estate Investment Services anticipates that the region’s apartment stock will rise 3.4 percent in 2014. This will result in vacancy levels not seen since 2009. Apartment completions approached record levels last year, as developers delivered around 10,000 units in the region, increasing apartment stock by 1.9 percent. Marcus & Millichap expects builders to surpass this number in 2014, and deliver an impressive 18,000 units.
Mill Creek Starts Construction on 360-Unit Alexandria Apartment Community
Mill Creek Residential Trust LLC has started construction on a 360-unit apartment community in Alexandria, Virginia. It is developing the project as part of a joint venture with AEW Capital Management and the original land owners represented by Green City Development. The transit-friendly, mixed-use multifamily community is called Landmark Gateway. It is located in Virginia’s west end, with excellent access to I-395 and I-495 and the greater Washington, D.C. metropolitan area. Cameron Station, an established master-planned community of more than 2,000 single-family homes and condominiums, is adjacent to the site and the Van Dorn Metrorail station and Landmark Mall Shopping Center, Alexandria’s largest shopping center, are less than half a mile away. Green City rezoned the site from industrial to residential mixed-use on behalf of Gateway Holding I, a venture between Green City and O'Connor Capital Partners.
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