ARLINGTON, VA - Archstone, a leader in apartment investment and operations, today announced that it has begun construction on a brand-new 227-unit apartment community in the Washington DC market.
The project, currently known as Parkland Gardens, is located at the intersection of North Glebe Road and Lee Highway in the heart of one of the most affluent and highly educated neighborhoods in the Washington DC metropolitan area. The pedestrian-friendly, North Arlington neighborhood offers immediate access to a wide variety of restaurants and boutiques at Lee Heights Shops and close proximity to the Ballston Metrorail station.
“The Washington DC metropolitan area is one of our largest markets, and we’re excited about starting construction on another well-located apartment community,” said Neil Brown, Archstone’s chief development officer. “The North Arlington development will offer many of the great pedestrian-friendly and lifestyle enhancing amenities that residents enjoy in Downtown DC, to go along with a prestigious address.”
Situated between the region’s two largest professional job centers, Downtown DC and Tyson’s Corner, and less than two miles from the Rosslyn/Clarendon/Ballston employment center, the brand-new apartment community will be within 15 minutes of more than 850,000 jobs. Among the major employers in the Rosslyn/Clarendon/Ballston employment center are Deloitte, Lockheed Martin and Booz Allen Hamilton.
The access to jobs and Arlington County’s low unemployment rate continue to create demand for apartment housing in the area.
“The occupancy rates of Class-A apartment communities in North Arlington are among the highest in all of Northern Virginia and demand continues to increase,” said Dean Wilson, Archstone’s senior vice president of investments for the Washington DC metropolitan area. “Our community has been designed to meet that demand, and we believe it will be a valuable addition to the neighborhood and our portfolio of apartment communities in great locations in the premier cities in the country.”
The one-, two- and three-bedroom apartment homes and lofts will showcase a host of high-end finishes, including large, open floor plans, nine-foot ceilings, built in book cases, crown molding, European-style kitchen cabinets with glass doors, stainless steel appliances and master bathrooms with double vanities.
In addition, residents of the Arlington apartments will have access to a variety of unique amenities, such as a resort-style pool with a sun deck and private nooks, two courtyards, an outdoor amphitheater with tiered seating and a pet spa.
Union Bank, N.A. and Sovereign Bank, N.A. are providing the construction financing for the development.
Archstone is a recognized leader in apartment investment and operations. The company's portfolio is concentrated in many of the most desirable neighborhoods in and around Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston. Archstone strives to provide great apartment rentals and great service to its customers—backed by service guarantees. As of March 31, 2012, the company owned or had an ownership position in 434 communities located in the United States and Europe, representing 73,135 units, including units under construction.