Archstone Starts Work on 227-Unit North Arlington Project
- Jun 08, 2012
Archstone, a recognized leader in apartment investment and operations, started work on June 5 on a brand-new 227-unit apartment community in North Arlington, one of the most affluent neighborhoods in the Washington, D.C., metropolitan area. The project is named Parkland Gardens.
The development site is located at the intersection of North Glebe Road and Lee Highway. When finished, Parkland Gardens will include one-, two- and three-bedroom apartments and lofts with large, open floor plans, nine-foot ceilings, crown molding, European-style kitchen cabinets with glass doors, built-in bookcases, stainless steel appliances and master bathrooms with double vanities.
Residents will enjoy such amenities as a resort-style pool with a sun deck and private nooks, an outdoor amphitheater with tiered seating and a pet spa, and two courtyards. Its location in a prestigious neighborhood places it close to many retail and restaurant options and within walking distance of the Ballston Metrorail station.
Vacant space in Class A apartment communities in North Arlington is scarce. And demand for apartments continues to increase due to the low unemployment rate and high job creation in Arlington County.
The new apartment community will be located within 15 minutes of more than 850,000 jobs. In fact, Parkland Gardens will sit between the region’s two largest professional job centers: Downtown D.C. and Tysons Corner. And the Rosslyn/Clarendon/Ballston employment center–with such major employers as Deloitte, Lockheed Martin and Booz Allen Hamilton–is less than two miles away.
Union and Sovereign banks are providing the construction financing for project. Archstone did not disclose the cost of the development or the anticipated completion date.
Based in Englewood, Colo., Archstone owns 434 apartment communities throughout the United States and Europe. Almost all of the company’s portfolio is concentrated in many of the most important neighborhoods of such large coastal cities as Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston.