Office-to-Residential Conversion Near National Landing, Site of Amazon HQ2
December 16, 2021
Washington – Perseus TDC and its partners, Four Points and ELV Associates, announce the sale of The Foundry, a 16-story, 520-unit luxury multifamily community with 25,562 square feet of retail space at 2470 Mandeville Lane in Alexandria, Virginia. Timberline Real Estate Ventures, on behalf of itself and IGIS Asset Management, purchased the asset, which was 96% leased at the time of sale.
“The Foundry added high-end residential space to a dynamic region experiencing explosive growth,” said Adam Peters, Regional Partner at Perseus TDC. “This successful adaptive-reuse project demonstrates the value of repositioning vacant, dated assets into thriving, amenity-rich multifamily developments.”
Formerly a federal office building, The Foundry was completed in March 2020 and boasted the fastest lease-up pace among all properties in the D.C. region. It sits in the heart of the Carlyle District, two blocks from the Metro, and is surrounded by more than 650,000 square feet of walkable retail space, including a new Wegmans grocery store. Just a few miles to the north via highway or public transportation, National Landing is ramping up the development of Amazon HQ2 and the Virginia Tech Innovation Campus, significant projects that will continue to fuel demand for quality multifamily properties.
“Alexandria has one of the nation’s deepest pools of highly educated talent, and Timberline aims to capitalize on the investment underway across business, research and infrastructure that will further propel the area’s economy,” said Kyle Nemeroff, Director of Acquisitions at Timberline Real Estate Ventures.
The Foundry’s innovative building design has earned it a series of accolades, including the 2021 ENR Mid-Atlantic Best Projects Award of Merit in Renovation/Restoration and the 2020 NAIOP North Virginia Award for Best Building, Adaptive Re-Use. A mix of studio, one-, two- and three-bedroom apartments is complemented by amenities such as a three-story fitness facility, spin and yoga studios, rooftop pool and terrace, and indoor dog park.
Jamie Butler of Walker and Dunlop represented both parties in the transaction. Download an image of The Foundry here.
Earlier this year, Perseus TDC began construction on a 158-unit multifamily development in Washington, D.C.’s Logan Circle submarket. Branded 15th and S, the project is expected to deliver mid-2023.
About Perseus TDC
Perseus TDC, an affiliate of Transwestern Development Company, invests alongside its financial partners in well-located Washington, D.C., metro area properties, adding value through skfilled entitlement planning, design, risk management and operations. The firm draws upon its principals’ expertise in developing office, hospitality, multifamily, retail and mixed-use real estate, refined through decades of experience. Based in Washington, D.C., Perseus TDC wields the capabilities of a national firm with the dexterity of a local developer. Visit perseustdc.com for more information.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates value through the execution of development projects for itself, its partners and valued clients throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $7.1 billion.