#United States #Arlington #FCP #Insight Property Group #PGIM

FCP Invests in Arlington Luxury Development

FCP® recently announced a significant capital investment of $47.1 million to support the development of a mixed-use project in Arlington, Virginia. This project, comprising 553 luxury apartments spread across two adjacent towers named Mira and Ador, will also feature a grocery store spanning approximately 40,000 square feet. The development occupies the site of the former Macy's building at 685 N. Glebe Road, situated conveniently next to the Ballston Quarter shopping mall. The project is a collaborative effort between Arlington-based Insight Property Group and PGIM's real estate division.

FCP Senior Vice President, Billy Herbert, expressed excitement about this investment, highlighting its potential to enhance resident life with ample amenities within walking distance. He emphasized the advantageous access to transportation, citing the nearby Ballston-MU Metrorail station, which connects residents to key destinations across the Washington, DC metropolitan area.

Sarah Davidson, a Principal at Insight Property Group, acknowledged the support received from various partners that helped bring this project to the construction phase. She noted that the project is expected to deliver diverse new housing options and attract retail partners, reinforcing Ballston's reputation as an appealing locale for living, working, and socializing.

Design and Amenities

The two towers, Mira and Ador, are designed to achieve LEED Gold certification, demonstrating a commitment to environmentally friendly construction practices. Each building will feature distinct amenities that cater to different lifestyles, while also offering a complementary aesthetic appeal.

Ador is tailored for social interaction, showcasing a resident co-working lounge equipped with a hospitality bar, a fitness center, and a penthouse-level piano lounge. Outdoor amenities will include dining spaces, grilling stations, and amenities for dog owners. On the other hand, Mira embraces a more refined aesthetic, complete with a lobby hospitality area, a coffee bar, private office spaces within the co-working area, and a fitness center with a dedicated yoga studio. Shared facilities between the two towers will include a rooftop pool and sundeck, enhancing the overall residential experience.

Parking facilities will also be well organized, with dedicated underground parking for residents and a separate, convenient access point for grocery store customers.

Investment Arrangements

The preferred equity investment was facilitated by experts Brian Crivella, Bill Gribbin, and Yalda Ghamarian from Berkadia. The senior loan was arranged by a team from Cushman & Wakefield, specifically Michael Zelin, Marshall Scallan, and Bindi Shah. Furthermore, the land sale arrangements involved Bill Collins, Paul Norman, and Shaun Weinberg from Cushman & Wakefield as well.

About FCP and Project Partners

FCP, based in Chevy Chase, MD, is a private real estate investment company, boasting a significant portfolio with over $14.6 billion in gross asset value since its inception in 1999. The company focuses on direct investments as well as partnerships in commercial and residential properties across the United States.

Insight Property Group, founded in 2009, specializes in developing and acquiring multifamily and mixed-use properties within the greater Washington, D.C. area. They have successfully unlocked over $2 billion in investment opportunities, setting high standards for excellence in the real estate market.

On the financial front, PGIM, the asset management division of Prudential Financial, has nearly $1.44 trillion in assets under management, representing a robust pillar within the real estate investment landscape worldwide.

In conclusion, this new development in Arlington signifies a substantial investment in urban living, bringing both luxury residential spaces and vital retail services to the area, enhancing the overall community fabric of Ballston.