ALEXANDRIA, VA-Washington Real Estate InvestmentTrust and Trammell Crow Co. arepartnering to build a high-rise apartment building here in OldTown. The total cost of the project pencils in at $95 million, withWRIT projecting a stabilized return on cost of between 7% and8%.
WRIT is kicking in 95% of the required equity for the building,which at 15 stories will house 270 units. Trammell Crow, as thesponsor and developer, will contribute 5% of the required equity.WRIT was unable to return a call to GlobeSt.com in time forpublication.
The building will be located on a one-acre parcel that the twocompanies recently purchased on northwest quadrant of theintersection of First and Fayette Streets--a location that iswithin walking distance of the Braddock Road Metro Station.Construction is expected to begin in the fourth quarter of 2012 anddeliver approximately 24 months later. Stabilization is estimatedby first quarter of 2016.
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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.
