Early Finish for 842-Unit Arlington Square Complex

ALEXANDRIA, VA-AvalonBay Communities Inc. has wrapped up construction of the Avalon at Arlington Square II, a 332-unit apartment complex. The $42.6 million project represents the last phase in a two-part development endeavor resulting in a total of 842 apartment homes. “We finished ahead of schedule, about a month earlier than expected,” AvalonBay regional vice president of development Matt Birenbaum tells GlobeSt.com. “And we finished under budget by about $1.2 million.”

Located off I-395 on 26th Court, the new luxury community is designed to be a pedestrian-friendly, “neo-traditional” development. The complex consists of garden-style structures, as well as stacked-garage townhomes and mid-rise buildings. However, it is distinguished by more than its uncharacteristic design and layout. “As a development of rental properties, I don’t think there are any other renal townhouses in Arlington,” notes Birenbaum. “That is one of the unique aspects of the community.” And 24 of the more than 300 units are reserved as affordable housing. Already, Arlington Square II is 63% leased. “We would expect that we will be fully leased up by the end of the first quarter in 2003,” he adds.