D.C. Area Not Lacking in Apartments
- Apr 08, 2014
A U.S. Census Bureau report released at the end of March placed the Washington, D.C., metro area in fifth place among areas with the largest numeric increase, with a 87,265-person expansion between July 1, 2012, and July 1, 2013. The D.C. metro area was ranked seventh in total population among U.S. regions, with almost 6 million people living there.
Such numbers might suggest a housing shortage. But that’s unlikely, given that developers continue to build and add units to a market that just might experience the largest vacancy levels since 2009 this year, according to Marcus & Millichap.
At about the same time the U.S. Census Bureau released its report, the Penrose Group announced the grand opening of the $65 million Ovation at Park Crest, the Vienna, Va.-based developer’s much-anticipated residential high-rise in Tysons Corner. The 19-story property is considered Tysons’ first high-rise apartment building. It features 300 studio, one- and two-bedroom units, as well as a host of amenities, including concierge services, a resort-style pool with large sundeck, a residents’ lounge with bar, parking and a bocce court. The Ovation at Park Crest is also LEED Silver certified.
And as one project ends, another is breaking ground. Quarry Springs Associates, a joint venture between 1788 Holdings and IHP Capital Partners, recently started work on the first phase of The Estate Condominiums at Quarry Springs. The project will deliver 97 luxury condominiums on Bethesda’s River Road.
Phase one will deliver 50 units, averaging 3,200 square feet, in two five-story buildings. They will be available in late fall of 2015. Amenities include a 10,000-square-foot clubhouse, an outdoor pool, concierge services, valet parking and 24-hour security. Phase two will start in 2016 and will add another 47 units.
Apollo Commercial Real Estate Finance Inc. provided the funds for the project. James G. Davis Construction will be the general contractor, while sales and marketing will be managed by TTR Sotheby’s International Realty.
Photo credit: http://ovationapts.com