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Erkiletian Plans Luxury Living at Warehouse

ALEXANDRIA, VA-The firm will be redeveloping an $18 million warehouse into as many as 200 high-end units.

By Erika Morphy | Updated on August 06, 2008

ALEXANDRIA, VA-An affiliate of Erkiletian Construction Co., has acquired a warehouse here for $18 million, or $182 per sf, with an eye toward converting the 99,000-sf facility into a high-end multifamily building. The building is located at 621 North Payne St.

Erkiletian Real Estate Services represented the buyer. Don Mercer, executive director, and Ryan Moody, director, of GVA Advantis, Tysons Corner office represented the seller, Security Storage Co., in the transaction. The property had been fully occupied by the previous owner and is now vacant, Tonya Ginter, director of Research and Marketing for GVA, tells GlobeSt.com. “Erkiletian plans to make this into a world-class project,” she says. The company will likely begin developing it next year, eventually delivering between 170 to 200 units to the market.

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