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WASHINGTON, DC-Construction on Post Massachusetts Avenue–the new $76-million luxury high-rise apartment building offering 269 units at the well-traveled intersection of 15th Street and Massachusetts Avenue–winds down as the building prepares to open its doors to its first tenants on Sept. 27. The structure marks Atlanta, GA-based developer Post Properties Inc.’s residential high-rise debut in the District.

Designed to appeal to the luxe-living crowd, Post Mass Ave. offers spaces ranging from about 400 sf to 6,000 sf at a corner property highlighted by a ground-level courtyard, an on-site pool and a fitness center. There are also three floors of sub-level parking to accommodate the 15-story tower’s residents. The high-end apartments have attracted a great deal of attention despite an economy that is not necessarily conducive to high-end rents. Studios start at about $1,300 per month, while three-bedroom units run from $6,000 per month.

“We’ve been leasing at a very strong pace,” Post Mass Ave. property manager David Bonds tells GlobeSt.com. “There is definitely a great demand for our product. We have such a fantastic location and are attracting people from Capitol Hill to Georgetown University to people working in Alexandria who want to do the reverse commute.”

Construction began in March 2001 and has proceeded at a steady pace, uninterrupted by the post-Sept. 11 terrorism insurance issues that have plagued many large real estate developments. “It’s been four and a half years for us since conception of this project,” Bonds notes. “We’re slightly ahead of schedule, about three or four weeks.”

Financing for the development fell in place without any hitches, as well. Four months ago, Post revealed it had orchestrated a joint venture agreement on the property with The New York State Common Retirement Fund, the second largest public pension fund in the US. The deal, in which Post contributes 35% of the development’s equity and the Fund contributes the remaining 65%, gives Post responsibility for management and leasing services.

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