ARLINGTON, VA-Remember last year's purchase by Washington REIT of the apartment community here called The Wellington?
Washington REIT acquired the three-building, 711-unit complex from Bainbridge Cos. for $167 million. The big play, though, for Washington REIT was The Wellington's redevelopment potential. The complex had on-site density for a fourth building with 360 additional units, the REIT said when it announced the transaction.
One year almost to the day of the purchase, the Arlington County Board voted 5-0 to approve Washington REIT's proposed in-fill development plan at The Wellington. The plan has been tweaked slightly since it was first described: namely, the new six-story building will now have 401 apartments. In addition, 105 existing apartments will be converted to affordable housing for 30 years. Also, a parking garage will provide 402 reserved tenant parking space and 51 visitor parking spaces. There will also be 35,531 square feet of private open space, according to the specs.
Washington REIT is paying for the affordable units itself as no county loans will be provided.
The new apartment building, whose address will be 1201 S. Rhodes St., is being developed under the Columbia Pike Neighborhoods Form Based Code. “This is an example where a developer, by choosing Form Based Code, is maximizing this site's potential and adding both committed affordable and market rate housing to the Pike,” County Board Chair Libby Garvey said in a prepared statement.
Class B and Class A
ARLINGTON, VA-Remember last year's purchase by Washington REIT of the apartment community here called The Wellington?
Washington REIT acquired the three-building, 711-unit complex from Bainbridge Cos. for $167 million. The big play, though, for Washington REIT was The Wellington's redevelopment potential. The complex had on-site density for a fourth building with 360 additional units, the REIT said when it announced the transaction.
One year almost to the day of the purchase, the Arlington County Board voted 5-0 to approve Washington REIT's proposed in-fill development plan at The Wellington. The plan has been tweaked slightly since it was first described: namely, the new six-story building will now have 401 apartments. In addition, 105 existing apartments will be converted to affordable housing for 30 years. Also, a parking garage will provide 402 reserved tenant parking space and 51 visitor parking spaces. There will also be 35,531 square feet of private open space, according to the specs.
Washington REIT is paying for the affordable units itself as no county loans will be provided.
The new apartment building, whose address will be 1201 S. Rhodes St., is being developed under the Columbia Pike Neighborhoods Form Based Code. “This is an example where a developer, by choosing Form Based Code, is maximizing this site's potential and adding both committed affordable and market rate housing to the Pike,” County Board Chair Libby Garvey said in a prepared statement.
Class B and Class A
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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.
