WASHINGTON, DC-New York City-based Aria Development Group is well on its way to leasing up The Bond, a luxury apartment building in the West End/Dupont Circle submarket. It also has few projects in the works in Columbia Heights, Joshua Benaim, managing principal, tells GlobeSt.com.
First The Bond: the 83-unit luxury apartment building is about 50% leased after starting two months ago, with rental rates starting at $1,900 for a studio and ranging to $3,625 for a two-bedroom two-bath penthouse. Overall it is leasing at about $5 per square foot, Benaim says.
Aria Development Group acquired the building at 1230 New Hampshire Ave., NW from the International Monetary Fund last year. It then invested $10 million in its renovation. Oculus Realty is leasing and managing The Bond.
One reason it is leasing so well is that supply is limited in this submarket for luxury rental, Benaim says. "We are about the only new luxury product leasing right now."
As for its other activities, Benaim reports that the company is at work on a renovation in Columbia Heights on par with what it did at The Bond. The company also acquired a few other assets in Columbia Heights, but it is not certain whether renovations will be done on those projects.
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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.
