From the Wires
Mill Creek Residential Starts Construction on Landmark Gateway in Alexandria, Virginia
Development Project Adds 360 Luxury Apartments to Mill Creek's Growing Mid-Atlantic Portfolio
By: PR Newswire
Jan. 22, 2013 02:44 PM
WASHINGTON, Jan. 22, 2013 /PRNewswire/ -- Mill Creek Residential Trust LLC, a national apartment developer, investor and operator, announced that it has started construction on Landmark Gateway, a 360-unit apartment community in Alexandria, Virginia. The transit-friendly, mixed-use multifamily community is being developed as part of a joint venture with AEW Capital Management (AEW), a leading real estate investment advisor and the original land owners represented by Green City Development. AEW is developing the property on behalf of one of its institutional clients.
The community is situated in Alexandria, Virginia's west end, providing excellent access to I-395 and I-495 and the greater Washington, D.C. metropolitan area, including Crystal City, Rosslyn, Ballston and historic Old Town Alexandria. In addition, the site is less than a half-mile from the Van Dorn Metrorail station and Landmark Mall Shopping Center, the largest shopping center in Alexandria. Directly adjacent to the site is the successful Cameron Station, an established master-planned community of more than 2,000 single-family homes and condominiums.
"There continues to be a growing demand for quality rental housing in the greater DC area," said Sean Caldwell, Managing Director with oversight of this development for Mill Creek. "Landmark Gateway's 'inside the beltway' location provides unparalleled access to key employers, shopping and entertainment districts, as well as an incredible amenities package designed to appeal to today's renter."
Landmark Gateway is scheduled to deliver first units in the summer of 2014. The community will comprise studios, one- and two-bedroom units, including junior one-bedroom floor plan and den options and ranging in size from 509 square feet to 1,132 square feet. In addition, the development provides for 15,000 square feet of retail space.
"We are pleased to partner with Mill Creek and its development team to deliver high-quality, transit-oriented rental living in this vibrant, but supply-constrained neighborhood," said Wistar Wood, Director in acquisitions at AEW. "One of our primary objectives is to offer the amenities and features that savvy DC-area renters value."
The site was rezoned from industrial to residential mixed-use by Green City on behalf of Gateway Holding I, a venture between Green City and O'Connor Capital Partners. "We always viewed the site as the southern gateway to the Landmark area, and a critical prime mover in its redevelopment," said Mike McGuire, principal of Green City.
Community amenities at Landmark Gateway will include a state-of-the-art fitness studio, cyber cafe, demonstration kitchen, game room and television lounge. Apartment features include 42" maple cabinets, stainless steel appliances, tiled backsplashes and baths, in-unit washer and dryer, Schlage keyless entry systems and moveable kitchen islands.
Currently, Mill Creek has 1,591 units in active leasing or under development in the greater Washington, DC market. Trilogy NoMa is a 603-unit community that opened in September of 2012 in DC's NoMa neighborhood and which is actively leasing. In addition, the company began construction on Avenir Place at Dunn Loring Station in Fairfax, Virginia, a 628-unit transit-oriented community with first units expected in the second quarter of 2013.
About Mill Creek
SOURCE Mill Creek Residential Trust LLC
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