ALEXANDRIA, VA-Washington Real Estate Investment Trust and Trammell Crow Co. are partnering to build a high-rise apartment building here in Old Town. The total cost of the project pencils in at $95 million, with WRIT projecting a stabilized return on cost of between 7% and 8%.

WRIT is kicking in 95% of the required equity for the building, which at 15 stories will house 270 units. Trammell Crow, as the sponsor and developer, will contribute 5% of the required equity. WRIT was unable to return a call to in time for publication.

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