WASHINGTON, DC—City Market at O is now 98%leased, according to Roadside Development. The 407units in the project's first phase have leased up a year ahead ofschedule, achieving stabilization in less than 13 months. At 31units per month, it is among the fastest lease up rates for amultifamily property in the DC area, Roadside Developmentclaims.
There were indications the project would be popular withresidences. It was 20% pre-leased before the first building openedfor occupancy at the end of 2013. Now a line is forming ofpotential tenants for the third tower, which will beginconstruction this spring.
The project's appeal lies in its design, amenities, convenienceand location, says Richard Lake, founding partnerof Roadside Development, LLC, in a prepared statement.
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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.
