$56M 224-Unit Residential Property Is in the Works

ROSSLYN, VA-Washington Real Estate Investment Trust has begun construction on WRIT Rosslyn Center, a two-structure, 224-unit multifamily complex in the Rosslyn/Ballston submarket where, according to Delta Associates’ Mid-Year 2004 Apartment & Condo Report, the vacancy rate for class A high-rise apartments is just 1.2%.

Donohoe Construction Co. is spearheading the actual building activities on behalf of the developer. According to a May 2004 presentation by WRIT, the estimated investment for the development is $56 million. The project cost is unique in that the price of its land came in at less than half the average per-unit market cost. As per the presentation, “imbedded excess density, acquisition of adjacent parcels and development rights created opportunity for rezoning,” resulting in a $21,000 per-unit land cost.