ARLINGTON, VA–Washington REIT has broken ground on a new apartment complex that is located on the former site of The Wellington's surface parking lots. The Wellington is another apartment building that Washington REIT owns and all three buildings of the new complex, which will be called The Trove, will wrap around the structured parking for the complex.
The Trove, which consists of three seven-story buildings, will have 401 units with several amenities including co-working areas.
Washington REIT acquired The Wellington in 2015 from Bainbridge Cos. for $167 million. It too consists of three buildings; these were constructed in 1961 on a 14-acre site, with a total of 711 apartments. 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 at the time when it announced the transaction. Separately, upon acquisition of The Wellington, Washinton REIT began a renovation program, which is still underway.
Meanwhile it was also working to secure entitlements for The Trove under Arlington County's Form Based Code for Columbia Pike, which it received one year later.
Read Washington REIT Gets Approval for In-fill Development at Wellington Apartments
The strategy for the two communities is to maximize demand for apartment in both the class B and class Acategories. The REIT is renovating the existing units to maximize their value as class B apartments. Meanwhile, the new building will be aiming for tenants that want to living in a class A building, with parking.
“The Trove/Wellington community will create a diversity of housing options and provide compelling value across a variety of price points in a sought-after submarket,” said Ed Murn, managing director for Washington REIT in a prepared statement.
ARLINGTON, VA–Washington REIT has broken ground on a new apartment complex that is located on the former site of The Wellington's surface parking lots. The Wellington is another apartment building that Washington REIT owns and all three buildings of the new complex, which will be called The Trove, will wrap around the structured parking for the complex.
The Trove, which consists of three seven-story buildings, will have 401 units with several amenities including co-working areas.
Washington REIT acquired The Wellington in 2015 from Bainbridge Cos. for $167 million. It too consists of three buildings; these were constructed in 1961 on a 14-acre site, with a total of 711 apartments. 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 at the time when it announced the transaction. Separately, upon acquisition of The Wellington, Washinton REIT began a renovation program, which is still underway.
Meanwhile it was also working to secure entitlements for The Trove under Arlington County's Form Based Code for Columbia Pike, which it received one year later.
Read Washington REIT Gets Approval for In-fill Development at Wellington Apartments
The strategy for the two communities is to maximize demand for apartment in both the class B and class Acategories. The REIT is renovating the existing units to maximize their value as class B apartments. Meanwhile, the new building will be aiming for tenants that want to living in a class A building, with parking.
“The Trove/Wellington community will create a diversity of housing options and provide compelling value across a variety of price points in a sought-after submarket,” said Ed Murn, managing director for Washington REIT in a prepared statement.
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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.
