(Read more on the multifamily market.)
FAIRFAX, VA-Three real estate firms are investing in the development of a 414-unit luxury multifamily project in the Bailey's Crossroads submarket of Fairfax. Behringer Harvard, Brookfield Real Estate Opportunity Fund and Fairfield Residential are all kicking in differing amounts of funding or equity to build what an industry source says will be a $100-million-plus project.
The development, which will be called Fairfield at Bailey's Crossroads, will consist of three wood-framed buildings with three to four stories each and one seven-story steel-framed building. There will be 17 different floor plans. Amenities at Fairfield at Bailey's Crossroads will include a club room, fitness center with spinning room, computer lab, business center, pub and media room.
Development is scheduled to begin soon; however, the companies have not released their estimated delivery date. It will be located on the north side of Leesburg Pike between South George Mason Drive and South 14th Street in Bailey's Crossroads.
Under the agreement, Dallas-based Behringer Harvard is providing a mezzanine loan for an undisclosed amount to the development. It is also retaining the option to acquire a majority equity interest at the completion of the project. Fairfield and Brookfield will also have equity in the project, Jason Mattox, EVP for Behringer, tells GlobeSt.com. According to Mattox, this is the first time the company has invested in a project with Fairfield, a San Diego developer, although it has worked with it on several projects. Behringer Harvard has previously invested with Brookfield in student housing developments.
This is also Behringer's first multifamily investment in the DC area, Mattox says. "We like the fundamentals here, especially in Fairfax County. We hope to make additional multifamily investments." He declined to discuss the company's pipeline. Other Behringer holdings here include two office buildings in the District's East End.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
