ARLINGTON, VA - Jefferson Apartment Group announced the acquisition of a 0.61-acre site located in the heart of the Rosslyn-Ballston Corridor of Arlington, Virginia. The site is approved for up to 330 units in a 22-story luxury high-rise at the corner of Fairfax Drive and North Quincy Street. The urban infill apartment community will have 264 below-grade parking spaces and 8,260 square feet of ground-floor retail.
The completed project will provide market-leading amenities, including a rooftop resort-style swimming pool with sundeck and dramatic views of Arlington and Washington, DC, a state-of the-art fitness center, a clubroom, a rooftop outdoor lounge with fire pits and multiple grill stations, and 24/7 concierge service.
The residential units will feature top-of-the-market finishes and best-in-class design, including custom-designed cabinetry, quartz countertops, wood flooring, and upgraded fixtures. The street-level retail will include a landscaped plaza with 2,000 sf of outdoor seating area. The property will be built and maintained to LEED Gold standards and is expected to break ground in late 2017.
“The new community will be an exciting development project that will meet the strong demand for housing with close proximity to local jobs, recreation and entertainment in the Rosslyn-Ballston market,” said Jefferson Apartment Group president Jim Butz. “We think residents will be thrilled with the modern design aesthetic of the apartments and the lifestyle and numerous amenities they offer.”
The property is located less than a quarter mile from the Ballston Metro Station (Orange & Silver Lines) and has a Walk Score of 96 (Walker’s Paradise). The site provides a prime corner location on one of the main arteries of the R-B Corridor and is one of the most visible intersections of the Ballston neighborhood, which offers multiple premier dining, shopping and entertainment options in the surrounding blocks and within walking distance of the site. The location also offers easy access to the major office employment nodes of Ballston and Virginia Square, as well as the District of Columbia, Tysons Corner, and Reston submarkets, via the Silver Line and I-66.
The project is being built in partnership with Mitsui Fudosan America, Inc., who is providing equity to the project. “Our strategy has been to form relationships with local partners who share our long-term view and goal of developing best in class assets. We are delighted to be partnering with Jefferson Apartment Group,” said John Westerfield, CEO of MFA.