Archstone Buys Apartment Site in NoMA

WASHINGTON, DC-Archstone has acquired a 0.46-acre development site in NoMa with an eye towards building a 206-unit apartment house. The parcel is located at 100 K St., NE--two blocks away from Archstone NoMA, which is under construction at the corner of 1st Street, NE and M Street, NE. Construction on the 100 K St. project is slated to begin the second half of next year. Archstone NoMA, meanwhile, is expected to begin leasing its first units in the first half of 2012. Archstone did not return a call to GlobeSt.com in time for publication.

These are only a few of the projects Archstone is targeting for the DC area, said Neil Brown, Archstone's chief development officer, in a prepared statement. "Including the 100 K Street site, we plan to begin construction on projects totaling $575 million in the DC area alone in the next two years," Brown said. The 100 K St. site will be Archstone's 53rd apartment community in the area.
Washington, DC in general--and NoMa in particular--has been a hotbed of multifamily development activity lately. Recently, work began on a 603-residential project located on Eckington Place, NE--the largest single-phase residential project here in recent history. Developed by Mill Creek Residential Trust LLC, with financing provided by Berkshire Income Realty and PNC, the project also includes 1,250-square feet of retail, 570 parking spaces, a theatre room, a billiards area, two pools, a fitness center and two business centers.

Other multifamily activity in NoMa can be seen at The Flats 130 at Constitution Square; Loree Grand at Union Place, a 212-unit building at Third and K Streets, NE, that opened last June; and Constitution Square Phase II, which is working on 345,000-square feet of office space and 203 residential apartments.