Silverwood Companies of Reston, VA along with investment partner Freedom Development of Alexandria has acquired a 67-unit apartment building near the Courthouse Metro station in Arlington, VA and will shift the property to condominium ownership. Sales at The Avery will open in May with furnished models, and the first residents are expected to move in this summer.
The building at 1200 North Rolfe Street, originally designed as a condominium, was developed and sold by Insight Property Group of Tysons Corner, VA. Mark Silverwood is among the first local developers to capitalize on the lack of new condominiums in the current market by switching from rental. The building was just completed last month and is being purchased prior to any leasing activity.
“There is considerable demand for new condominiums, and with interest rates at historic lows, we see real opportunity,” said Mark Silverwood of Silverwood Associates. “The building was designed as a condominium with large floor plans and an array of impressive amenities.” The Avery’s condos range from one bedroom up to 1,750 SF two-bedroom-plus den options, with prices starting in the mid-$400,000’s.
“This will be exceptional new offering into a condominium market with virtually no inventory, and — most importantly — will be available for occupancy this summer,” said David Mayhood of The Mayhood Company, exclusive sales agent for The Avery. “The timing could not be better.”
Situated in a park-like setting adjacent to Fort Myer, The Avery enjoys a highly convenient location just an eight-minute walk to the Courthouse Metro station. Residents will enjoy easy access to Routes 50 and 66, the George Washington Parkway, and to the shops, restaurants, culture and nightlife of both the District and Arlington. Georgetown and the Kennedy Center, just two miles away, can be reached easily by car, public transportation, or on local bicycle trails.
Almost 90 percent of The Avery’s homes have private outdoor spaces – some up to 300 square feet – including large patios, balconies, and individual rooftop terraces. The floor plans feature open entertaining areas, gourmet kitchens with large granite- topped islands, and wide plank flooring. Especially impressive is the abundance of closets, built-in shelving, and in-unit storage space. Individual condominiums, with ceiling heights up to ten feet, range from 750 SF to 1,750 SF, and most feature powder rooms. Some 40 percent of the homes offer private dens that are perfect for home office or guest room use.
The Avery’s stylish amenities include an elegant entrance lobby with a staffed front desk, The Avery Club Room opening onto a large outside terrace with landscaping, seating, and cooking station, and a residents’ rooftop terrace. The fitness center offers both strength training and cardio equipment with IPod docks. Garage parking, bike storage, and individual storage spaces also are available. The web site for The Avery is www.TheAveryArlington.com.