By Evelina Croitoru
Washington, D.C.’s robust employment, healthy population gains and record-breaking rental rates are all signs of a healthy multifamily market. Over the past four years, as vacancy remained low, developers have ramped up construction. As a result, the metro has nearly 29,000 units under development and 53,000 units in the planning stages, which points toward a continued robust pace of new development. Here is a list of the 10 largest multifamily communities under construction, based on unit counts, according to Yardi Matrix data.
10. Eliot on 4th
Forest City Enterprises’ 365-unit community will be located at 1001 4th St. S.W. and will offer a mix of one- and two-bedroom floor plans ranging in size from 516 to 1,391 square feet. Community amenities will include a fitness center, a clubhouse, a swimming pool and a covered parking garage. The 11-story building located on an 11-acre land parcel is seeking LEED Gold certification. The residential asset is expected to open doors by August.
A construction loan in the amount of $85.2 million was funded by Pacific Insurance Co.
9. Allure Apollo
After reaching 95 percent occupancy on the 417-unit Aspire Apollo, Peter N.G. Schwartz Management Co. moved forward on the development’s next phase, the $100 million Allure Apollo. The six-story property will consist of 18 studios, 176 one-bedroom apartments and 190 two-bedroom apartments. Additionally, the community will offer a fitness center, a wellness club, media room, game room, storage facilities, a swimming pool, electric car charging stations and 650 parking stalls. Located on a 5.8-acre site, the property will count as a transit-oriented development as it is adjacent to the Branch Avenue Metro Station. The residential asset is scheduled to be completed by June 2018.
8. Studio Plaza
Fairfield Residential’s 399-unit community will deliver an 11-story building with 10,000 square feet of ground floor retail and a 475-space below-grade parking garage. Located at 916 Thayer Ave. in Silver Spring, Md., the community is part of a two-phase project, with the construction start date of the second phase yet to be disclosed. The amenity-rich community will offer a mix of studio, one- and two-bedroom units, a lounge, a cyber café, a fitness center with yoga room, a rooftop pool with outdoor lounge and a spacious courtyard.
7. Camden NoMa Phase II
Camden Property Trust continues its expansion of inventory with a 405-unit community located at 61 Pierce St. N.E. The project follows the first phase which delivered 321 apartment units. The second phase will add numerous high-end amenities, including a rooftop entertainment lounge with a swimming pool and grills, a fitness studio and an outdoor area with spa. The 15-story 492,109-square-foot building was designed by WDG Architecture and is expected to be completed by the end of July.
6. The Apollo
Located at 600 H Street N.E., Insight Property Group’s partially affordable community broke ground in 2014, after the demolition of the former self-storage site that was located on the 2.3-acre land parcel where the $195 million project now stands. The transformative project will include 431 luxury units, a 47,158-square-foot Whole Foods Grocery, 31,909 square feet of office space and 11,718 square feet of retail. Additionally, residents will have access to an array of amenities, including a fitness center, a clubhouse, a swimming pool and 442 parking stalls. The community’s unit mix will consists of studio, one-, two- and three-bedroom floor plans, averaging 762 square feet. Leasing is on-going and units are available for move-ins, while construction is expected to reach substantial completion by August.
5. The Shapiro Residences
EDENS is developing a 432-unit partially affordable community at 1270 4th St. N.E. The company has spearheaded the residential project in conjunction with Level 2 Development and Trammel Crow Co. Upon completion, the two-building community will also include a cumulative 41,000 square feet of retail and a three level underground parking that will total 430 parking stalls. Additionally, the community will offer a fitness center, a swimming pool and a clubhouse. Construction is expected to complete by the beginning of 2018.
4. AVA NoMa
AvalonBay Communities is reaching completion on its 438-unit community at 55 M. St. N.E., in one of the fastest growing neighborhoods in the District. The community will offer a mix of studio, one-, two- and three-bedroom floor plans ranging from 451 to 1,340 square feet. Additionally, residents will have access to more than 20,000 square feet of indoor and outdoor amenity spaces, including a business center, a clubhouse, a swimming pool and 303 parking stalls. AVA NoMa is scheduled to open doors by February 2018 and rents will range between $1,700 per month for a studio, while a three-bedroom unit will command $4,135 per month.
3. The Channel
PN Hoffman’s 501-unit partially affordable community currently under development will be located at 950 Main Ave. S.W. Perkins Eastman is the designer of the building which will have an industrial design with polished concrete, metal and reclaimed wood. The property’s unit mix will consist of micro-studios, one- and two-bedroom units. Situated on 26 acres, the two-building community will also feature a fitness center, a clubhouse, a swimming pool, a volleyball court and a total of 1,285 parking stalls. Additionally, the asset is designed to achieve LEED Silver certification and is expected to come online by October 2017.
2. The Modern at Art Place
The Morris & Gwendolyn Cafritz Foundation is developing a partially affordable 520-unit community on almost five acres of land in Brentwood submarket, at 400 Galloway St. N.E. A second phase, consisting of 400 units, is part of the project, but the start date of the construction is yet to be determined. Phase I will boast sustainable features and is proposed to achieve LEED Silver certification.
The first apartment building will offer a mix of studio, one- and two-bedroom floor plans averaging 767 square feet. Community amenities will include a fitness center, a clubhouse, a swimming pool, a business center, a community room and 664 parking stalls. Additionally, the property will offer 141 affordable units and 98 units will be reserved for seniors. The property is expected to be completed by September and rents will range between $1,475 for a studio and $2,625 for a two-bedroom unit.
1. Union Place
The largest multifamily community currently under development in D.C., Toll Brothers’ community located at 200 K Street N.E., will stand 14 stories high and consist of 525 upscale apartments. Upon completion, the asset will include roughly 16,000 square feet of retail space, a daycare center and a 240-stall below-grade garage.
Amenities within the building will include an approximately 1,300-square-foot club room, a commercial-style fitness center, a café, an 11,000-square-foot courtyard, multiple lounges and a rooftop pool with infinity edge. The project is being financed through a $130 million construction loan facility originated by the U.S. Bank National Association and The Bank of New York Mellon. The community broke ground in March 2016 and is open for residency in the spring of 2018.
Images courtesy of Yardi Matrix and property websites