Jefferson Apartment Group Buys Development Site In Ballston
After delivering a 22-story apartment tower in Ballston last year, Jefferson Apartment Group is launching another multifamily project in the neighborhood.
The developer, in partnership with Chilean investor Stars REI, announced Thursday it acquired the land for a 108-unit project at 1031 North Vermont St. Property records show the sale closed March 15 for $12.3M.
The project is slated to include 98 apartments in a seven-story building and 10 for-sale townhouses. The developer said it plans to begin construction on the apartments in Q4 and deliver in summer 2023, and it is marketing the townhouse parcel to homebuilders.
The apartment building is planned to feature units ranging from one- to three-bedrooms, many of which will have private terraces. Its amenities will include a resident lounge, rooftop terrace and a below-grade parking garage.
The property, at the intersection of North Vermont and 11th streets, sits about four blocks from the Ballston Metro station. The site was previously home to a two-story church building that has housed multiple congregations, including the First Baptist Church of Ballston and Grace Community Church.
The seller of the property was Northern Virginia Church Properties. JLL's Steve Ranck and CBRE's Dean Stiles represented the seller in the deal.
In 2017, NVR proposed a similar project with a mix of apartments and townhouses for the site, and the county approved its rezoning request in February 2018. A new applicant, Ballpark Development Partners LLC, last year proposed an amendment to increase the plans from 84 to 108 units, according to county records.
"Ballston is one of the most desired submarkets in the Washington, D.C. region," JAG Senior Vice President Greg Van Wie said in a release. "This investment alongside our partner, STARS REI, underscores our commitment to create a contemporary, sophisticated boutique apartment building with top-of-the-line finishes and luxe amenities and underscores the strength of the housing market here in Northern Virginia."
JAG in August completed construction on J Sol, a 22-story, 326-unit apartment building in Ballston. That project, on the site of former bar Carpool at 4000 Fairfax Drive, was built in partnership with Japanese investor Mitsui Fudosan America.
Also last year, JAG delivered the 132-unit J Linea project in Shaw. And it launched plans last year for two new projects: a 26-story multifamily tower on the RCA Building site in Rosslyn and a 320-unit project across from Nationals Park.
