Sunday, May 27, 2007
Back in February, the Ed Peete Company announced that it was converting its nine-story, 87-unit Joule Condominium project at 3409 N. Wilson Boulevard (located between Clarendon and Ballston) into apartment rentals, despite the fact that 90 percent of the units had been sold and the project was just about finished (these contracts were cancelled). But now, in an interesting twist, it now appears this stylish building will become an extended-stay corporate housing location operated by PA-based Korman Communities Inc., which bought the property from Peete for $43 million and will manage it under its AKA subsidiary. One-bedroom units at the AKA-Arlington are leasing for $135 per day (two bedrooms for up to $215/day), with a minimum 30-day stay requirement – somewhat expensive, but given the high-end condo amenities featured in these units (including washer and dryer units), possibly worthwhile. As the market continues its upward climb again, we’ll watch to see the future fate of this and other projects.