A 115-unit, seven-story luxury apartment building at a highly visible Old Town Alexandria, Virginia, location has secured financing and will break ground in the first quarter of 2020.
D.C.-based developer NOVO Properties has already received city approval for its apartment project at 1200 N. Henry Street, on U.S. Route 1 at the northern entrance to Old Town, has now closed on $55 million in financing for the project from Pinnacle Financial Partners. Toronto-based Avison Young’s Capital Markets Group arranged the financing.
“This offering represented an excellent opportunity to invest in a multifamily project that is close to a number of major employers,” Avison Young’s Jon Goldstein said.
“With several amenities, high-end finishes and an ideal location, this property should lease up quickly and do very well.”
The project is expected to be completed by late 2021.
It will be another new housing development that will help address the housing needs brought by the arrival of Amazon HQ2 employees in the National Landing area.
Last month, developer JBG Smith submitted plans to Arlington County for nearly 1,000 new residences at Pentagon Row, a project also specifically planned to meet anticipated housing demand from Amazon’s new headquarters employees.
That project is expected to be break ground late next year.