Joint venture will bring 15-story apartment project to Alexandria
- December 1, 2011
Trammell Crow Co. and Washington Real Estate Investment Trust (WRIT) have entered into a joint venture to develop Phase I of Braddock Gateway, a 15-story, 270-unit apartment project in Alexandria.
The partners recently purchased the proposed development site, a one-acre tract located at the intersection of First and Fayette Streets in Old Town. The apartments will be within walking distance of the Braddock Road Metro Station as well as nearby retail and entertainment establishments.
Construction is expected to begin in the fourth quarter 2012 and will take about 24 months to complete. “Trammell Crow Company is very excited to announce the formation of this development joint venture with WRIT,” Campbell Smith, a principal with Trammell’s mid-Atlantic office, said in a statement. “The 1219 First Street project furthers TCC’s strategy of building high-quality residential
projects in desirable infill locations, and it reaffirms our longstanding commitment to developing in the city of Alexandria. We are particularly pleased to be completing this
project with WRIT, a partner who shares our commitment to quality and with whom we have worked successfully in the past.”
Apartments will include a mix of studios, one-bedroom, and two-bedroom units, many of which will offer views of Washington, D.C .and the Potomac River.