Washington REIT (Washington Real Estate Investment Trust – NYSE: WRE) has broken ground for The Trove, a new 401-unit trend-setting apartment community in the close-in Columbia Pike corridor of Arlington, VA. Three new seven-story buildings offering stellar amenities are scheduled to start delivering in 2019.
The Trove is designed to provide the convenience of comparable apartment communities, but with more amenities and at a lower price point. Residents will enjoy a rooftop deck overlooking the area and featuring a pool, cabanas, amphitheater-style decking, fire pits, grills, large screens for movie nights, and communal dining tables.Spilling out into the rooftop deck will be a luxurious club room with a fireplace, gourmet kitchen, multiple TVs, pool table, and a variety of areas for seating and dining. Residents also will enjoy a double-height fitness center that opens up onto an interior courtyard, providing both interior and exterior fitness space. Co-working areas just off the main lobby will provide a “work from a coffee shop” experience. Residents also will have use of a large bike maintenance and storage room with numerous repair stations, as well as pet grooming facilities. A publicly accessible pocket park with a bocce court and ample seating areas will be created within the community, along with new sidewalks and roads.
The Trove will offer a range of apartment sizes ranging from studios to three-bedroom units, all built according to environmental and sustainable design standards to achieve LEED Silver certification from the USGBC. Select apartments will enjoy views of the Army Navy Club golf course on one side, and city vistas above the tree line on the other side. Within sight are the sleek new Air Force Memorial, the Washington Monument, and the US Capitol dome.
In 2015, Washington REIT acquired The Wellington, comprising three buildings constructed in 1961 on a 14-acre site, with a total of 711 apartments. Upon acquisition, Washinton REIT began an extensive renovation program, which is still underway. While continuing to operate and renovate The Wellington, Washington REIT successfully secured entitlements for The Trove under Arlington County’s Form Based Code for Columbia Pike. The new construction is taking place on the former site of extensive surface parking lots. All three new buildings will wrap around structured parking.
“The Trove/Wellington community will create a diversity of housing options and provide compelling value across a variety of price points in a sought-after submarket,” said Ed Murn, Managing Director for Washington REIT. “Residents of The Wellington will be able to choose to move into a renovated unit at The Wellington or move across the street into new apartments, without leaving their home community.”
Located just off Columbia Pike with frequent bus service, The Trove is just minutes from Fashion Centre at Pentagon City, the Pentagon, I-395, Ronald Reagan Washington National Airport, the Pentagon City Metro Station, and downtown Washington. Columbia Pike and Arlington offer an eclectic range of dining, shopping, and entertainment options.
Washington REIT is a self-administered equity real estate investment trust investing in income-producing properties in the greater Washington metro region. Washington REIT owns a diversified portfolio of 50 properties, totaling approximately six million square feet of commercial space and 4,480 multifamily units. These 50 properties consist of 20 office properties, 16 retail centers, and 14 multifamily properties. Washington REIT shares are publicly traded on the New York Stock Exchange (NYSE: WRE).