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 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​.​ 









Definitions

Footnotes

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.

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This material does not constitute investment advice, nor does it constitute an offer in any product or strategy offered by Clarion Partners LLC or Clarion Partners Europe, and should not be viewed as a current or past recommendation to buy or sell any securities. Any specific investment referenced may or may not be held in a Clarion Partners client account. It should not be assumed that any investment, in any property or other asset, was or will be profitable. Investment in real estate involves significant risk. 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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