MERRIFIELD, Va., May 26, 2016 /PRNewswire/ -- Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced it has broken ground on the second phase of Modera Mosaic, an upscale apartment community in the Mosaic District of Fairfax County.
The second phase will add 222 luxury apartment homes to the mixed-use community, which is one of the centerpieces of the Mosaic District, a 31-acre urban development, home to 2 million square feet of retail, restaurant, office, hotel and residential space. The first phase of Modera Mosaic, which began lease-up in July 2015, added 251 apartment homes to one of the nation's most affluent, highly educated counties.
"We are excited not only for the development of our second phase, but for the completion of the Mosaic District as a whole," said Peter Melmed, Mill Creek Residential's managing director of development for the Mid-Atlantic Region. "When we're finished, Modera Mosaic's second phase will complete construction in the Mosaic District, which has been a resounding success from the beginning and we're pleased to be a part of it. Modera Mosaic is the type of community that instantly provides longstanding value that we believe will continue to grow in the years ahead."
Situated near the intersection of Gallows Road and Route 29, Modera Mosaic features an urban twist to contemporary architecture with clean lines, brick-and-metal paneling and upscale features with an open design. The community consists of studio, loft, 1- and 2-bedroom apartment homes and an array of amenities, including a rooftop deck, clubhouse and cyber café, fitness center, business center, TV/theater room, hotel-inspired pool, gas grills, private seating areas and a gas fire pit. Modera Mosaic is also equipped with green building technology, including Energy Star Windows, programmable thermostats, low-flow plumbing fixtures and energy-efficient lighting in common areas. The thoughtfully designed apartment home interiors feature European cabinetry, plank-style wood flooring, stainless steel appliances, quartz countertops and full-size washers and dryers.
Residents have access to a walkable and transit-friendly lifestyle, with many key attractions only footsteps away in The Mosaic District with more than 550,000 square feet of retail including a Target department store, a boutique hotel, nearly 75,000 square feet of Class A office space and an Angelika Film Center. The community is commuter-friendly, sitting within minutes of the Capital Beltway, about 14 miles from Ronald Reagan Airport and less than 13 miles from downtown Washington, D.C. and within a half mile of the Dunn Loring-Merrifield Metro Station and features vast public transportation options.
Including Modera Mosaic, Mill Creek has developed more than 4,100 additional apartments in the Washington, D.C. metropolitan area.
About Mill Creek Residential
Mill Creek Residential Trust LLC is a 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 March 31, 2016, the company's portfolio comprises 54 communities representing nearly 15,600 apartment homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.
Located in the heart of Fairfax County, Mosaic is a hand-selected mix of retail, food and entertainment experiences. We bring together the finest local fashion boutiques and restaurants with premier national retailers and the Angelika Film Center to form a community that has been voted "Best of" by Washingtonian magazine, DC Eater, Northern Virginia magazine, and Arrive magazine. For more information about Mosaic, please visit http://www.mosaicdistrict.com. The Mosaic District is projected to annually attract 12 million pedestrian visitors and generate roughly 2,000 new jobs when complete. The development is anticipated to add $250 million in tax revenue to Fairfax County over the next three decades. Townhome values have soared in the district's explosive submarket, having experienced a 20 percent year-over-year increase since 2013.
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SOURCE Mill Creek Residential