ALEXANDRIA, VA—Bethesda, MD-based Finmarc Management is partnering with Northfield Construction and Development, LLC to build luxury townhomes on a .68-acre site in Old Town West. The land parcel, located at the intersection of North Henry and Pendleton streets, has been acquired for $3.85 million and the partners plan to begin construction in summer 2015.
Northfield Construction & Development, which specializes in urban infill residential development, will provide general contracting services for the townhouse project.
Alexandria in general and Old Town in particular has been experiencing an uptick in activity in recent months. Earlier this summer, Finmarc Management acquired Waterfront Center I and II, a two-building portfolio one block from the Alexandria waterfront.
Canal Center, a 540,000-square foot office complex, recently traded to American Real Estate Partners for $176 million.
Now residential is following with the Finmarc project. "The household demographics in Alexandria are among the highest in the country, and the demand for quality, for-sale residential product remains strong," Neil Markus, Principal for Finmarc Management, says.
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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.
