Case Study

The Maxwell

Category
Multifamily
Submarket
Ballston
Constructed
2014
Investment
$50 million
Units
163
2016 Multifamily Executive Awards
Project of the Year, Mid-Rise Podium or Wrap (4 to 6 stories), Grand
Category
Multifamily
Submarket
Ballston
Constructed
2014
Investment
$50 million
Units
163
2016 Multifamily Executive Awards
Project of the Year, Mid-Rise Podium or Wrap (4 to 6 stories), Grand

The Opportunity

We saw an opportunity for a ground-up, JV development of a Class A multifamily property in the highly sought after Ballston submarket of Arlington, Virginia.

The Result

Completed in 2014, The Maxwell is comprised of 163 multifamily units and 2,200 square feet of retail space. The property achieved stabilization in late 2015 at 93% leased. The Maxwell is located within a short walk of the Ballston Metro Station, at the corner of North Glebe Road and North Carlin Springs Road, across from the stores of the Ballston Common Mall, down the street from a Harris Teeter grocery store, and within an easy walk to numerous restaurants.
The lease-up of The Maxwell demonstrates Washington REIT's ability to successfully execute from beginning to end on a ground-up development and generate attractive returns for our shareholders. The Maxwell is a top-quality asset positioned close to Metro in a dynamic urban neighborhood that will further benefit from the expected redevelopment of Ballston Common Mall."
Thomas Q. Bakke
EVP & COO

Key Attributes

Project Team

  • Owner: Washington REIT
  • Owner-JV Partner: Crimson Partners
  • Legal: Walsh, Colucci, Lubeley & Walsh PC
  • Architect: KTGY Group, Inc.
  • Interior Designer: RD Jones & Associates
  • Civil Engineer & Landscape Architect: Bowman Consulting
  • Traffic Consultant: Wells + Associates, Inc.
  • Branding & Marketing: Merrick Towle Communications
  • Contractor: Clark Builders Group
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