WOODBRIDGE, VA-A 294-unit luxury apartment community is now under construction here, with an eye on servicing the growing demand from nearby Ft. Belvoir. The property, Bainbridge River Oaks Apartments, is a joint venture between Starwood Capital Group Global and the Bainbridge Cos. Bainbridge did not return a call to GlobeSt.com in time for publication.
Bainbridge River Oaks will be located within a triangle-shaped area consisting of Ft Belvoir, the Pentagon and Quantico Marine base. In a prepared statement, Bainbridge Mid-Atlantic regional development manager Neil Goradia, notes that the “area is projected to grow more than 12% over a 15-year period.”
The growth, of course, is being fueled by the 2005 Base Realignment and Closure Commission, which among other moves called for a $4 billion expansion of Ft. Belvoir, already a huge employer in Fairfax County. The expansion is bringing more than 19,000 more workers to the base.
Not surprisingly, the local real estate community has been eager to supply these workers with housing and amenities. BRAC-related investment in just this one submarket has included Madison Marquette’s acquisition of Gunston Plaza for $28 million and the Heights at Groveton, a 290-unit apartment development project located directly along Route 1.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
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.
