Venable client enters joint venture to develop Alexandria high-rise

1 min

Venable client Washington Real Estate Investment Trust (WRIT) entered into a joint venture with Trammell Crow Company to develop a 15-story, 270 unit high-rise apartment complex in Alexandria, VA. News of the joint venture was featured in a November 30, 2011 Citybizlist article.

The project is estimated to cost $95 million and will be within walking distance of the Braddock Road Metro station. As the equity partner, WRIT will contribute 95% of the required equity and Trammell Crow, as sponsor and developer, will contribute the remaining 5% of required equity. Construction is expected to begin in late 2012 and be completed 24 months later.

Venable partners Robert Gottlieb and Jennifer Bruton represent WRIT.