Monday Properties Delivers Its First Northern Virginia Apartment Building
Monday Properties, a developer responsible for some of the most prominent office buildings in the skyline across the Potomac River from Georgetown, has delivered its first Northern Virginia multifamily development.
The Blake, a 300-unit apartment project in Alexandria, has already begun tenant move-ins ahead of its delivery this week. Located at 2000 North Beauregard St., the building features amenities like a yoga studio, pet spa and dedicated coworking space.
“Alexandria is a first-tier market, and we have the opportunity to transform the community with housing that combines all of a tenant’s favorite amenities at a great price point. We are especially enthusiastic about the innovation that Virginia Tech and Amazon HQ2 are bringing to the untapped market,” Monday Properties Managing Partner Tim Helmig said in a statement.
Monday broke ground in 2020 on the property, which is located about a half-mile from The Shops at Mark Center, a 63K SF retail property owned by JBG Smith.
The unit mix in the development includes studio, and one- and two-bedroom apartments. Apartments feature vinyl plank flooring, stainless-steel appliances and open floor plans.
Construction on the building began after Monday Properties landed $66.8M in financing from EagleBank, allowing it to replace the aging office property on the site. The Blake is also in a designated opportunity zone.
Monday Properties has made several prominent contributions to the Rosslyn skyline, including the Nestlé headquarters building at 1812 North Moore St., a 537K SF office tower.
Despite a growing multifamily pipeline that includes more than 3,600 units, Monday Properties has remained active in the office market. In November, the investment firm paid $146M for a pair of Arlington office buildings that it plans to reposition. Together, the two buildings added more than 500K SF of office space to Monday Properties' portfolio.