Located off I-395 on 26th Court, the new luxury community is designed to be a pedestrian-friendly, "neo-traditional" development. The complex consists of garden-style structures, as well as stacked-garage townhomes and mid-rise buildings. However, it is distinguished by more than its uncharacteristic design and layout. "As a development of rental properties, I don't think there are any other renal townhouses in Arlington," notes Birenbaum. "That is one of the unique aspects of the community." And 24 of the more than 300 units are reserved as affordable housing. Already, Arlington Square II is 63% leased. "We would expect that we will be fully leased up by the end of the first quarter in 2003," he adds.

Arlington Square I--which reserves 40 of its 510 units for those who qualify for affordable housing--was delivered in the fourth quarter of 2001 for just under $70 million. All together the Arlington Square project occupies eight city blocks just two miles from the Pentagon in one direction, and two miles from the 14th Street Bridge, the "gateway" to the District, in another direction.