Mill Creek Residential Starts Construction on Landmark Gateway in Alexandria, Virginia Development Project Adds 360 Luxury Apartments to Mill Creek's Growing Mid-Atlantic Portfolio
WASHINGTON, Jan. 22, 2013 /PRNewswire/ -- Mill Creek Residential Trust LLC, a national apartment developer, investor and operator, announced that it has started construction on Landmark Gateway, a 360-unit apartment community in Alexandria, Virginia. The transit-friendly, mixed-use multifamily community is being developed as part of a joint venture with AEW Capital Management (AEW), a leading real estate investment advisor and the original land owners represented by Green City Development. AEW is developing the property on behalf of one of its institutional clients.
The community is situated in Alexandria, Virginia's west end, providing excellent access to I-395 and I-495 and the greater Washington, D.C. metropolitan area, including Crystal City, Rosslyn, Ballston and historic Old Town Alexandria. In addition, the site is less than a half-mile from the Van Dorn Metrorail station and Landmark Mall Shopping Center, the largest shopping center in Alexandria. Directly adjacent to the site is the successful Cameron Station, an established master-planned community of more than 2,000 single-family homes and condominiums.
"There continues to be a growing demand for quality rental housing in the greater DC area," said Sean Caldwell, Managing Director with oversight of this development for Mill Creek. "Landmark Gateway's 'inside the beltway' location provides unparalleled access to key employers, shopping and entertainment districts, as well as an incredible amenities package designed to appeal to today's renter."
Landmark Gateway is scheduled to deliver first units in the summer of 2014. The community will comprise studios, one- and two-bedroom units, including junior one-bedroom floor plan and den options and ranging in size from 509 square feet to 1,132 square feet. In addition, the development provides for 15,000 square feet of retail space.
"We are pleased to partner with Mill Creek and its development team to deliver high-quality, transit-oriented rental living in this vibrant, but supply-constrained neighborhood," said Wistar Wood, Director in acquisitions at AEW. "One of our primary objectives is to offer the amenities and features that savvy DC-area renters value."
The site was rezoned from industrial to residential mixed-use by Green City on behalf of Gateway Holding I, a venture between Green City and O'Connor Capital Partners. "We always viewed the site as the southern gateway to the Landmark area, and a critical prime mover in its redevelopment," said Mike McGuire, principal of Green City.
Community amenities at Landmark Gateway will include a state-of-the-art fitness studio, cyber cafe, demonstration kitchen, game room and television lounge. Apartment features include 42" maple cabinets, stainless steel appliances, tiled backsplashes and baths, in-unit washer and dryer, Schlage keyless entry systems and moveable kitchen islands.
Currently, Mill Creek has 1,591 units in active leasing or under development in the greater Washington, DC market. Trilogy NoMa is a 603-unit community that opened in September of 2012 in DC's NoMa neighborhood and which is actively leasing. In addition, the company began construction on Avenir Place at Dunn Loring Station in Fairfax, Virginia, a 628-unit transit-oriented community with first units expected in the second quarter of 2013.
About Mill Creek
Mill Creek Residential Trust LLC is national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. As of January 22, 2013, the company's portfolio comprised 40 communities totaling 10,814 apartment homes that were operating, under construction or in planning. For more information, visit the company's website at http://www.MCRTrust.com.
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world's leading real estate investment advisors, AEW and its affiliates manage $33.5 billion of capital invested in approximately $46.6 billion of property and securities in North America, Europe and Asia (as of September 30, 2012). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in nine European cities. For more information please visit www.aew.com.
SOURCE Mill Creek Residential Trust LLC