Source: Washington REIT / #Apartments #Multifamily
WASHINGTON, DC - Washington REIT and its partner Crimson Partners have reached 93% leased at The Maxwell, a luxury 163-unit, ground-up multifamily development with 2,200 square feet of retail in Arlington, VA. The LEED Gold certified building began on-site leasing in January 2015 and is now stabilized.
"The lease-up of The Maxwell demonstrates Washington REIT's ability to successfully execute from beginning to end on a ground-up development and generate attractive returns for our shareholders," said Thomas Q. Bakke, Executive Vice President and Chief Operating Officer of Washington REIT. "The Maxwell is a top-quality asset positioned close to metro in a dynamic urban neighborhood that will further benefit from the expected redevelopment of Ballston Common Mall."
The Maxwell is located within a short walk of the Ballston Metro Station, at the corner of North Glebe Road and North Carlin Springs Road, across from the stores of the Ballston Common Mall, down the street from a Harris Teeter grocery store, and within an easy walk to Ballston's numerous restaurants and bars. The property's 2,200 square feet of retail space is leased to a fitness studio.
"The lease-up of The Maxwell, and the previously announced lease-up of Silverline Center and 1775 Eye Street, mark the achievement of our three most important leasing goals this year and provide increased certainty around the significant net operating income addition that these assets are expected to generate for our shareholders on a stabilized annualized basis," noted Mr. Bakke.
Washington REIT is a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. Washington REIT owns a diversified portfolio of 55 properties totaling approximately 7 million square feet of commercial space and 3,258 residential units, and land held for development.