LORTON, Va. (Aug. 3, 2010) — Alliance Residential Company announces the commencement of construction on Broadstone Laurel Highlands in Fairfax County, Va. This represents a new development opportunity in a supply-constrained market and marks Alliance's second acquisition in the Washington, D.C. area in 2010.
Located at 8120 McCauley Way, Laurel Highlands is a luxury, suburban residential development that is approximately 13 miles south of downtown Washington, D.C. The property was originally designed and marketed as condominiums, but the downturn in the for-sale market caused the builder to abandon plans and dispose of the property. The property was subsequently purchased with the intention of constructing multifamily rental units, but construction was stopped after partially completing a parking garage and certain site work. At that time, U.S. Bank foreclosed upon the piece of land. Alliance purchased the land through its relationship with U.S. Bank; the REO purchase was done off markets — thus, no broker was involved. Following the close of the deal on June 4, Alliance resumed construction with a target opening date of August 2011.
"The community is situated in a prime location next to more than 1,000 feet of Interstate 95 frontage road and sees a traffic count of 205,000 cars per day," says Dean Wilson, Alliance Managing Director for the Mid-Atlantic Region. "In addition, the $4 billion Base Realignment and Closure (BRAC) expansion of neighboring Fort Belvoir promises to bring 12,000 new jobs to the submarket by Sept. 2011. We are developing at a time when we can take advantage of lower land and construction costs to achieve an attractive return relative to acquisitions in a stable-to-growing D.C. area market."
Broadstone Laurel Highlands spans 10.9 acres with plans for 289 garden-style units and 11 townhome units. Apartment interiors will include granite countertops, stainless steel appliances, and hardwood flooring in the kitchen, living and dining areas. Townhomes will also offer a two-car garage. Additionally, Alliance will incorporate an extensive amenity package, featuring a resort-style, 5,000-square-foot clubhouse and pool, fitness center, business center and 10-seat private theater.
"We continue to be bullish on the D.C. market, and intend to keep expanding our area presence through all of our product lines — including management, acquisitions and development," says V. Jay Hiemenz, Alliance Chief Financial Officer. "D.C. continues to be one of the top multifamily performers in terms of fundamentals, and we currently have other acquisitions and developments under evaluation in the market."
For more information, visit www.allresco.com.
Company Information
Alliance Residential is a fully-integrated multifamily real estate operating company focused on the development, acquisition, construction and management of residential and mixed-use communities in the United States. Headquartered in Phoenix, Alliance has 16 regional offices divided between seven regions throughout the U.S. Over the past 10 years, Alliance has become one of the largest private apartment owners and the 15th largest management company in the nation, boasting a $6.0+ billion portfolio, and 45,000 units in 22 metropolitan markets across 12 states (including Arizona, California, Colorado, District of Columbia, Florida, Georgia, Nevada, New Mexico, Oregon, Texas, Utah and Washington). For more information, visit www.allresco.com.