docthe thornton - MAC Realty Advisors
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the thornton - MAC Realty Advisors
J OINT V ENTURE O PPORTUNITY THE THORNTON A LEXANDRIA , V IRGINIA Washing ton Stre et King Street Corridor Popular Restaurants & Retail Braddock Road Metro Station King Street Metro Station Founders Park King Str Duke Str Eisenhower Ave Metro Station Waterfront Popular Restaurants & Retail eet Waterfront Park eet Washington Street Corridor Popular Restaurants & Retail 1-mile Carlyle National Harbor Hoffman Center THE THORNTON Mount Vernon Trail Retail Ric hm on ig dH hw Jones Point Park ay Belle Haven Country Club Potomac River OPPORTUNITY STREET ADDRESS LAND AREA GROSS SF 1199 South Washington Street Alexandria, VA 22314 6.78 Acres Above Wetlands 295,537 SF 456,153 UNITS 442 PARKING SPACES 677 CONSTRUCTION TYPE Wood Frame MAC Realty Advisors, LLC (“MAC”), as exclusive agent, is pleased to present the opportunity to provide joint-‐venture equity for the development of The Thornton (“Project”), a 442-‐unit Class A rental community. Foulger-‐Pratt (“Sponsor”), a DC area-‐based development company with a 50 year track record, is the developer of the Project. Located across the Woodrow Wilson Pedestrian Bridge, the Property is ideally situated to take advantage of proximity to the King Street and Eisenhower Avenue Metro Stations, jobs in the nearby Carlyle Square neighborhood, Pentagon, and Downtown Washington, DC, and the many restaurants, boutique stores, recreation, and attractions of historic Old Town Alexandria. The Project is approved and will begin construction in the second half of 2015. R E A LT Y ADVISORS J OINT V ENTURE O PPORTUNITY THE THORNTON A LEXANDRIA , V IRGINIA Figure 4: Proposed Views from Internal Street Top Tier Sponsor Foulger-‐Pratt Development is a leader within the Washington, DC real estate market. In 2014 the company was ranked #12 in the Washington Business Journal’s Top 25 Real Estate Developers. The Sponsor has spent over 50 years developing distinctive office buildings, energetic retail environments, standard-‐setting apartments and condominiums, and state-‐of-‐the-‐art healthcare facilities. Its residential division actively acquires, develops, manages, and owns multi-‐family properties throughout the Washington, DC, metropolitan area. Currently, Foulger-‐Pratt Development has a portfolio of 6.55 million square feet and over 3,000 residential units with 2,000 units in its development pipeline. Proximity to Old Town Alexandria Amenities The Project is connected, via the landscaped Woodrow Wilson pedestrian footbridge, to the heart of Old Town Alexandria. The King Street Corridor is a mecca for fine dining, boutique shopping, and exciting nightlife. A mix of high-‐end fashion retailers, boutique gift shops, antique shops, art galleries, and home design stores line the charming historic corridor. In addition, the area is home to world-‐class restaurants such as Vermillion, The Majestic, Bastille, Brabo by Robert Wiedmaier, Hank’s Oyster Bar, and Restaurant Eve. The Alexandria waterfront, another main attraction, is home to popular cafes, the Torpedo Factory Art Center and waterfront activities such as boat tours, bike tours, and walking trails. Wood Frame Construction Ensures Excellent All-‐In Cost Basis The Project’s wood frame construction is cost effective and time efficient. At approximately $136 million or $306,575 per unit, the Project’s all-‐ in-‐basis is very attractive relative to recent stabilized Class A apartment sales in Northern Virginia, which vary from $370,000 to $540,000 per unit. Connectivity to Natural Surroundings and Waterfront Views The Project is located on a peninsula which overlooks the Potomac River and Hunting Creek. The Project’s landscaped courtyard and expansive outdoor amenity space will lead to a boardwalk that lines the edge of this peninsula. The Mount Vernon trail, an 18-‐mile paved trail popular for both bikers and joggers, is adjacent to the Project. Close Proximity to Major Employers Major employment centers such as the US Patent & Trademark Office Headquarters (9,000+ employees), Mark Center (6,500+ employees), the Pentagon (31,000+ employees), Alexandria (93,000+ employees), National Harbor (2,000+ employees) and Downtown, Washington, DC (400,000+ employees) are within close proximity of the Project. In addition, the National Science Foundation is set to relocate its headquarters to Old Town Alexandria in 2017 (2,400+ employees) and the MGM Casino will open at nearby National Harbor in 2016 (4,000+ employees). ANDREW McALLISTER BRUCE LEVIN WARREN DAHLSTROM Executive Director Executive Director Senior Advisors 202.296.0007 [email protected] 202.296.0459 [email protected] 202.604.9687 [email protected] R E A LT Y ADVISORS
