AvalonBay plans to build luxury apartments at Tysons Corner
- September 8, 2010
In a sign that REITs are loosening their purse strings, Avalon Bay Communities Inc. announced Wednesday that it plans to build its first new project in the Mid-Atlantic region since 2005: a luxury apartment community at Tysons Corner.
The Arlington-based real estate investment trust has purchased a 2.6-acre site in Tysons for $13.3 million. It says it will break ground next month on a 354-unit luxury apartment community to be named Avalon Park Crest. The site is part of the larger Park Crest development that includes luxury condominiums, apartments and a Harris Teeter grocery store. It’s within walking distance of the Tysons Galleria and Tysons Corner Center malls and two stations on the Metro Line’s silver extension that are currently under construction.
Jon Cox, senior vice president for development, said in a statement, “We’ve had a long dry spell in new starts in the region, and we plan on this being the first of many new projects we will begin over the next few years.”
He pointed out that Avalon Park Crest will be the firm’s 8th development in Virginia, and the 16th in the metro Washington region. The company already has a 558-unit property located along Westpark Drive in McLean, not far from where the new project will be built. Overall, it operates 8,100 apartment units in 21 communities in the area, which represents about 16 percent of its entire portfolio in 10 states and Washington, D.C.
According to the REIT, Avalon Park Crest will offer many amenities, including underground parking, a wifi lounge, 3,000-square-foot fitness center, bicycle storage, and courtyards with a pool. Leasing is expected to begin in the spring of 2012.