A 115-unit, seven-story luxury apartment building at a highly visible Old Town Alexandria, Virginia, location has secured financing and will break ground in the first quarter of 2020.
D.C.-based developer NOVO Properties has already received city approval for its apartment project at 1200 N. Henry Street, on U.S. Route 1 at the northern entrance to Old Town, has now closed on $55 million in financing for the project from Pinnacle Financial Partners. Toronto-based Avison Young’s Capital Markets Group arranged the financing.
“This offering represented an excellent opportunity to invest in a multifamily project that is close to a number of major employers,” Avison Young’s Jon Goldstein said.
“With several amenities, high-end finishes and an ideal location, this property should lease up quickly and do very well.”
Click here to read the rest of the article written by Jeff Clabaugh over at WTOP
