MIAMI, FL - Partners Group, a leading global private markets firm, acting on behalf of its clients, and ZOM Living, one of the nation’s leading developers of multifamily housing, plan to develop a luxury mixed-use community consisting of 492 apartment units in the premier neighborhood of National Landing in Arlington, Virginia. A total of $150 million in construction financing has been secured for the project, named Hazel & Azure at National Landing, which will comprise luxury apartment rentals across two buildings and 6,800 square feet of ground-floor retail space located in the fastest growing submarket in the DC Metro area.
The 14-story towers, Hazel & Azure, are fully entitled and construction is slated to start in Q1 2022 with an expected completion in late 2024. ZOM has also secured a $26 million bridge loan with CB&S Bank for the site’s acquisition. The developer has selected bKL Architecture as the design firm and Balfour Beatty Construction as the general contractor.
Bolstered by over 14.8 million square feet of office space that is home to blue-chip companies and 3.8 million square feet of retail space within a two-mile radius, the submarket of National Landing has quickly become one of the premier live-work-play districts in the DC Metro area. In addition, Hazel & Azure are prominently located less than one mile from Amazon’s HQ2 in Arlington and the $1 billion Virginia Tech Innovation Campus rising nearby.
“Rising demand for multifamily assets in growth cities is one of the key transformative trends we have been following in the US,” said Ron Lamontagne, Managing Director, Private Real Estate Americas, Partners Group. “We have strong conviction in National Landing's growth prospects given the area's diversified economy, proximity to the capital, abundant green space, and vibrant retail core. Residents at Hazel & Azure will also have access to excellent amenities, including outdoor space and wellness facilities. We look forward to seeing the project develop alongside our partners at ZOM Living.”
The residential community will offer a variety of floor plans, including studios, one-, two- and three-bedroom units, and townhomes – all ranging from 519 to 1,784 square feet. The spacious apartments will feature chef inspired kitchens, floor-to-ceiling windows with roller shades, vinyl wide plank flooring, walk-in closets, stainless-steel appliances, high-end kitchen and bathroom cabinetry, smart thermostats, electronic locks, private balconies or terraces in most units, and expansive views of the Potomac River and the DC skyline.
“National Landing is perfectly positioned to benefit from the transformational demand drivers created by a rapidly expanding employment base, vast amount of retail space and high-quality offices surrounding our Hazel & Azure development,” said Andrew J. Cretal, Senior Vice President for ZOM Living’s Mid-Atlantic Region. “With ZOM’s extensive experience developing luxury apartment communities with best-in-class lifestyle amenities, this was the right time to bring this project to life as demand for rental apartments and the desirability of National Landing continue to grow at a steady pace.”
ZOM Living brings unique and sophisticated amenities to each luxury development prioritizing features that cater to residents’ everyday needs. With this in mind, residents at Hazel & Azure at National Landing will enjoy an e-lounge and concierge service in the lobby, a rooftop pool and outdoor deck and grilling area with an adjacent club room, fitness and wellness spa including a spin and yoga room, co-working spaces for those residents seeking to work from home, a self-serve convenience store, and an indoor green space for dogs. In addition, the mixed-use development will feature retail space on the ground floor that will be home to restaurants and service-oriented retailers to serve both residents and the surrounding community.
Hazel & Azure will be centrally located with convenient, pedestrian connectivity throughout National Landing, and easy access to the Metrorail system, The Pentagon, Ronald Reagan Washington National Airport, and Virginia Tech’s Innovation Campus. Residents will also benefit from the open green spaces, parks, and biking and walking trails in the neighboring area such as Aquatic Park, Long Bridge Park, Metropolitan Park, Four Mile Run Trail and Mt. Vernon Trail. The property is also situated near specialty grocers including Harris Teeter, Whole Foods and Giant.
Since its founding more than 40 years ago, ZOM Living has built more than 23,000 apartment units nationwide, with an aggregate development value of $4.5 billion. The firm’s current development pipeline includes more than 5,500 multifamily and senior housing units, with projects also underway and planned in the Phoenix, Charlotte, Austin, Dallas, Tampa, and South Florida metro areas. ZOM Living ranked #11 in the Multi-Housing News 2021 list of the country’s largest multifamily developers.