JAG Pays $35M For Ballston Apartment Site

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.