The new zoning had allowed Penzance and Lionstone to combine the apartment site with the Webb office building to create a single 515,000 square foot mixed-use development. Now the plan is that two separate buildings will exist on the site, MAC's Bruce Levin tells GlobeSt.com.

The two projects were significant enough to have attracted institutional investors to 4000 N. Fairfax, according to MAC Executive Director Andrew McAllister. “As one of the few sites extant that met both criteria, investors and developers clamored for the opportunity,” he said in a prepared statement.

McAllister, Levin and Nick Rubenstein led the marketing effort for MAC.

Federal Capital Partners sold 4040 N. Fairfax Dr. to Lionstone and Penzance in 2014 for $56.2 million. The sale also included the option to buy 4000 N. Fairfax Dr.

ARLINGTON, VA–McLean, Va.-based Jefferson Apartment Group and its equity partner — reportedly Mitsui Fudosan America — has closed on the site of the former Ballston bar Carpool from Lionstone Investments of Houston, Texas and local operating partner Penzance, paying $34.8 million.

The site, located at 4000 N Fairfax Dr., has already gone through the county's entitlement process for redevelopment into 22-story, 331-unit apartment tower. The site is now zoned for 321,160 square feet of residential apartments and 8,400 square feet of ground floor retail. (The retail tenant won't be Carpool, though, which is reopening at another location). The redevelopment will also remake the corner at Fairfax Drive and N. Quincy Street, creating a publicly accessible courtyard with a water feature, road and pedestrian improvements and three new retail spaces, according to the zoning approval announcement.

“We are looking forward to delivering a luxury apartment building that will establish a new high water mark for residential communities in the R-B Corridor,” Greg Lamb, EVP and Partner with Jefferson Apartment Group, said in a prepared statement.

Lionstone Investments and Penzance, which tapped MAC Realty Advisors to sell the land, are also repositioning their adjacent 4040 N Fairfax Dr. office, known as the Webb Building.

The new zoning had allowed Penzance and Lionstone to combine the apartment site with the Webb office building to create a single 515,000 square foot mixed-use development. Now the plan is that two separate buildings will exist on the site, MAC's Bruce Levin tells GlobeSt.com.

The two projects were significant enough to have attracted institutional investors to 4000 N. Fairfax, according to MAC Executive Director Andrew McAllister. “As one of the few sites extant that met both criteria, investors and developers clamored for the opportunity,” he said in a prepared statement.

McAllister, Levin and Nick Rubenstein led the marketing effort for MAC.

Federal Capital Partners sold 4040 N. Fairfax Dr. to Lionstone and Penzance in 2014 for $56.2 million. The sale also included the option to buy 4000 N. Fairfax Dr.