A boutique, 67-unit luxury apartment community developed in the heart of the Rosslyn-Ballston Corridor.
A Class-A community replaces an obsolete apartment building.
Insight and partner Buvermo Investments acquired this property in June of 2010. At the time of Insight’s acquisition the subject site was improved with an existing apartment project containing 42 units built in the 1950’s. Insight operated the buildings while planning, designing and permitting a 67-unit luxury residential development. The new development, known as Avery Row, began construction in September of 2011. Substantial Completion occurred in March of 2013. Total development costs of Avery Row were $25,189,000.
Insight sold the property in April of 2013 for $33,000,000 or $492,500/unit. The project IRR was in excess of 43%.
Avery Row is extremely well located in the desirable Rosslyn-Ballston Corridor of Arlington County, Virginia. The site is walking distance to the downtown Rosslyn-Ballston core, the Rosslyn Metro Station, the Courthouse Metro Station, Key Bridge and Georgetown. The community enjoys easy access to Metro Rail, Route 50, Route 66, the George Washington Parkway, the entire Rosslyn-Ballston Corridor and Washington, DC.
Avery Row consists of a four-story building constructed above a below-grade parking garage. The project includes top-tier finishes, amenities, individual roof decks and gathering spaces.