case study

Multifamily Development: Gables Old Town North

Gables Old Town North Alexandria, VA

​​​​​​​​​City/State​: ​Alexandria, Virginia​

​In 2015, EDENS, an experienced retail operator, approached Clarion Partners and Gables Residential to develop a mixed-use asset and operate the multifamily portion on an entitled site in the highly desirable suburb of Alexandria, VA in the Washington, DC metro area. Old Town Alexandria is quite walkable, and includes waterfront parks, shops, and trendy restaurants. Alexandria's Old Town North neighborhood, in particular, is widely recognized for its historic charm, waterfront access, and cultural significance.​

The site's premium location was a key consideration.​ Two desirable grocery stores are located within blocks of the property site, as are two metro lines which provide connectivity to the entire Washington, D.C. region. Additionally, the neighborhood's historic status and lack of land parcels available for development result in limited potential for new multifamily competition in the immediate area, providing a favorable environment for long-term growth prospects.​ Recognizing the unique opportunity, Clarion Partners and Gables Residential decided to ​pursue the property development project.​

Construction images showcasing gradually rising building

The resulting property, Gables Old Town North, is a 232-unit apartment community completed in 2019 and stabilized in 2020. First move-ins occurred in April 2019 and strong velocity resulted in stabilization (93% occupied) by 3Q 2020, despite the onset of the COVID-19 pandemic.

During the planning and development of the project, the team focused on implementing a number of green building and efficiency features, such as EV charging stations, secure bike storage, high-efficiency plumbing, HVAC systems and hot water heaters, and high-performance low-e glass windows​, resulting in LEED for Homes Silver certification*. The community also earned Fitwel One-Star certification for its demonstrated commitment to the health and wellness of its tenants**.

Upscale lobby with hardwood ceilings, 10-foot wide fireplace and modern furnishings  Apartment living room with 4 windows, nice furnishings and lot of natural light

Units range from 550 sq. ft. studios to 1,580 sq. ft. two-bedroom townhouse units, averaging 866 sq. ft./unit. The units include stainless steel appliances, granite countertops, under-mount sinks, tile backsplashes, under-cabinet lighting, hardwood flooring in kitchens and living rooms.

The community also provides residents w​ith top-tier amenities including two landscaped terraces, a large landscaped courtyard, s​tate-of-the-art fitness center, business center, community room, barbecue grills, roof deck with views of the Potomac River, and a pool - an​ amenity which few comparable communities in the submarket offer.​

 ​Exterior of apartment building entrance  Outdoor recreation area with green lawn and billiards table

Visit the propert​y website​.​ 









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Disclosures

The investments described herein were selected based on non-performance-based criteria and are not necessarily representative of any particular Clarion Partners fund or portfolio. It should not be a​ssumed that any of these properties are or will prove to be profitable. Please view other important disclosures on this website here.

*LEED Building Design + Construction certifications are issued by the U.S. Green Building Council (USGBC) at the time of building development or major renovation and last in perpetuity. Gables Old Town North received a LEED for Homes Silver certification on May 2020. Properties must pay registration and certification fees to pursue LEED certifications.

**Fitwel certifications are issued by The Center for Active Design (CfAD) on a rolling basis and are valid for three years. Properties must re-certify to maintain certification standing. Gables Old Town North received a Fitwel One-Star rating on June 2020. Properties must pay certification fees to pursue Fitwel certifications.

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Investment in real estate is speculative and involves significant risk. For more information about certain of the material risks and limitations associated with Clarion Partners’ investment advisory products, strategies and services, please see Clarion’s current Form ADV Part 2A brochure, which is available on the SEC’s Investment Adviser Public Disclosure website at https://adviserinfo.sec.gov/firm/summary/108803. Investors should consider their investment objectives, and it is strongly suggested that the reader seek his or her own independent advice in relation to any investment, financial, legal, tax, accounting or regulatory risks and evaluate their own risk tolerance before investing.

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