WASHINGTON, DC—MRP Residential, a division of MRP Realty, opened the doors to its Elevation at Washington Gateway property. The 400-unit, 14-story Class A apartment building is located at 100 Florida Ave., NE, within one block of the NoMa-Gallaudet/New York Avenue Metro station.
The complex comes with the usual amenities expected in an apartment building in the city, including a 5,200-square foot restaurant called Union Social, which is scheduled to open this winter.
It is one of many new multifamily projects delivering in DC area, of course—a trend that suggests the local market is becoming supply saturated.
That hasn't happened, at least not yet, the latest report from Delta Associates says.
Still, it notes, it is questionable whether the region can continue to absorb apartment supply at the pace it has been. There is an additional 26,500 units poised to deliver over the next 24 months in a city where job growth is projected to be slower-than-average for a recovery cycle.
Meanwhile developers such as MRP are jockeying for tenants by offering an ever more dazzling array of amenities. Elevation at Washington Gateway certainly delivers on that front: the project sports luxury finishes and "extraordinary views of the Capitol skyline", said Matt Robinson, principal of MRP Residential, in a prepared statement. There is also a fitness center, a club room with billiards, a custom bar and communal table.
"Elevation sets a new standard for what apartment renters will appreciate in the NoMa submarket," Robinson says.
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