The Bozzuto Group and MGL Partners Begin Construction on The Frasier, $75 Million Apartment Community in Alexandria, Virginia The Frasier to Provide 249 New Residences to the Potomac Yard District
GREENBELT, Md., Sept. 16, 2013 /PRNewswire/ -- The Bozzuto Group, a Greenbelt, Maryland-based real estate services company, and MGL Partners, a Denver-based development company, today announced the companies have closed financing and broken ground on The Frasier, a $75 million apartment community located in Alexandria, VA just across the Potomac River from Washington, D.C.
The financing consists of a construction loan provided by Bank of America and RBS Citizens and equity provided by The Bozzuto Group and MGL Partners. Bozzuto Construction Company began work this month and the community is scheduled for completion in spring 2015.
"We are very pleased that this development is moving forward," said Toby Bozzuto, president, The Bozzuto Group. "Bank of America and RBS Citizens are great long-term partners. The Frasier will be a significant addition to the Potomac Yard community and we look forward to being a part of the exciting development underway in the Crystal City-Potomac Yard-Alexandria corridor."
"We're thrilled to be partners in this project with The Bozzuto Group, who we view as the best integrated multifamily company on the East Coast," said Mike Gerber, principal of MGL Partners.
Located in the Potomac Yard district along U.S. Route 1, due north of Old Town Alexandria, The Frasier boasts excellent access to amenities and local employment opportunities. The nearby Potomac Yard Center, anchored by a fresh grocery Target, provides extensive retail amenities, including Barnes & Noble, PetSmart, Starbucks, Hops Restaurant Bar and Brewery, Marino's Pizza, and a 16-screen Regal Cinemas.
The transit-oriented community will be further enhanced by the Potomac Yard Metro Station, which is planned for completion in 2016/2017 and will be located within walking distance of the community. For outdoor enthusiasts, The Frasier is a well situated to take advantage of almost 18 miles of multi-use recreational paths on the Mount Vernon Trail.
Comprised of 249 residences and 310 parking garage spaces, The Frasier will offer its residents a stunning courtyard with outdoor kitchen, television, and games; a lounge area with fire pit and waterfall feature; and a sparkling pool with sunning shelf. The community also includes a 2,200 square foot fitness center and yoga room, as well as a great room comprised of a game groom, E-lounge, library, and hearth room with a demonstration kitchen.
About The Bozzuto Group
Headquartered in the Washington, D.C. area, and celebrating its 25th year in business, The Bozzuto Group is a diversified residential real estate company that provides a broad range of real estate services throughout the Mid-Atlantic and Northeast. The company's areas of expertise lie in homebuilding and multifamily development, as well as construction and management both for themselves and their clients. Their skills have been attested to by the National Association of Home Builders, who recognized Bozzuto as the nation's premier apartment development company, and twice as management company of the year.
Throughout The Bozzuto Group's 25-year history, the company has developed, acquired and built more than 35,000 homes and apartments and currently manages nearly 40,000 apartment units spread along the Atlantic Coast between Northern Virginia and Boston. The company is committed to providing quality housing for individuals of all income levels, producing and managing everything from luxury homes and apartments to affordable housing solutions. For more information, please visit www.bozzuto.com.
About MGL Partners
Based in Denver, Colorado, MGL Partners (MGL) specializes in multifamily development and investments. Founded in 2005, MGL has approximately $270 million worth of property developed, acquired or under construction. Its developments include tax credit-financed affordable housing, senior housing (independent and assisted living) and market-rate multifamily projects. MGL's three principals have over 50 years of combined real estate development and finance experience, and have successfully developed a broad range of apartment product types, including garden-style, concrete mid-rise, and substantial rehab of both wood and concrete structures.
MGL's investment partners include land owners, non-profits and institutional investors such as UBS Realty Investors, Centerline Capital Group, Legacy Capital Group, Raymond James and The Black Creek Group.
SOURCE The Bozzuto Group