Friday, January 18, 2008

New Rentals Break Ground in Alexandria


Trammell Crow Residential has just broken ground on Alexandria's newest apartment building, the Alexan Carlyle, at 800 John Carlyle Street, roughly two blocks from the Patent and Trademark Office headquarters. The 280-unit rental complex is a $94 million joint-venture split between Trammell Crow and Olayan America Corporation as an institutional investor.

The 2.8-acre site is planned to house a resort-esque, luxury apartment building amply loaded with amenities typical of "luxury" buildings: A swimming pool, clubhouse, mini-gym and billiards room among others. Virginia-based Cubellis DCA served as the architects and has reportedly created the architectural pu pu platter of buildings, integrating three separate architectural styles within the 5-story building: Classic federal architecture reminiscent of Old Town, an art-deco panache and an urban loft approach. The first units will be completed by the fall of 2009.


"The Carlyle neighborhood of Alexandria is the perfect location for TCR's latest Alexan luxury rental community, Alexan Carlyle. The new PTO headquarters is just two blocks away and is adding jobs at the rate of about 1,200 per year. Plus residents will have easy access to two Metro stations as well as all the shops and restaurants of Old Town Alexandria," said Sean Caldwell, Managing Director at Trammell Crow Residential. PNC Bank is financing the construction of TCR's newest addition to Northern Virginia.

8 comments:

Anonymous said...

i heard about this and someone had asked me the other day but I had no idea about the details - thanks for this. ive forwarded it on to my coworker who will be very happpy

Ken on Jan 21, 2008, 8:41:00 PM said...

Aw shucks. Glad we could help; we hope it makes you a hit at the office.

Anonymous said...

I hear that Metropole by Metropolis Development on P Street by the Whole Foods is having a hard time selling as condos and now the owners plan to sell the entire building as an apartment. There is an investment package being sent around to all the investment companies and brokerage firms. Isn't DCRealEstate.com selling that?

Ken on Jan 24, 2008, 9:13:00 PM said...

Yes, DCRealEstate.com is doing the marketing and sales but no, it isn't converting to apartments. The project is about two-thirds sold at this point, well past the point of sales for some of the buildings that have been recently converted.

Anonymous said...

what a shame about Monarch, especially since my aunt bought one there. The area probably had something to do with it. That's why I can't understand why Metropole is not selling. I live in Logan Circle and have been looking for a while, but the pricing is crazy at this 15th and P spot. I also found out from my agent that they have 70% still to sell! That's why I am staying away from that one. The fear of a building that's been for sale for 4 years and only a few sold. Maybe rental is the next step for them too....

Anonymous said...

They have 70% more to sell because they are over-priced and don't understand that people won't spend ridiculously higher prices for Edwin and mimosas. Get real people!

Ken on Jan 26, 2008, 7:44:00 PM said...

Actually 60% sold, and the sales office only reopened last April after being closed for 2 years, for a total of about 15 months of sales.

Anonymous said...

Sure, the PTO is adding 1200 employees per year. They're also losing 1100 employees per year.

The new employees don't make enough money to afford to live in the overpriced apartments nearby. Plus, if they have the kind of money required to live in that area, they are more likely to chose somplace hip and happening, like the Orange line corridor in Arlington, or in DC. The more senior employees who do make enough money have families and instead buy a house far away, work at home, and visit the office for an hour per week.

If it were such a great area and the PTO was such a great source of highly paid buyers, why is the Carlyle Square development still not sold out, and why did the Meridian building on Eisenhower Ave convert to a rental?

It's almost enough to make you feel sorry for the developer who's going to take a bath on the apartments. Almost.

 

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