Berkadia, as sole exclusive agent, is pleased to present the redevelopment opportunity of 1523 Fairfax Drive (“The Property”) located in Arlington, Virginia. Current ownership would like to partner with an experienced multifamily developer to construct a Class A 10-story boutique multifamily community with shared structured parking. Simultaneously, ownership will be developing a 12-story 160 room hotel on the adjacent parcel. ​

The Property is located immediately north of Arlington Boulevard (Route 50) approximately 3 miles from core downtown Washington, DC. It is situated in the Rosslyn–Ballston Corridor, one of the most dynamic locations in the Washington Metro Area and holds the highest growth rate of educated Millennials. The Property is a short 10-minute walk to two Metro stations (Rosslyn Metro Station and Courthouse Metro Station). ​ ​

Ownership wishes to procure an experienced multifamily developer for the purposed of being the general partner and lead developer of the Property upon entitlement. ​ While the current Owner is willing to master develop the site’s infrastructure, ultimately the state of site delivery will be determined as part of partnership negotiations. The Property is being offered free of debt and management encumbrances and the equity contribution will be determined by total development cost and deal structure.


Proven Sponsorship Team:​ The Witness Group has over 35 years of real estate experience. The company has 30 hotels under management and 7 new hotels in their development pipeline across Virginia, Ohio, and Indiana, totaling over $400M in assets under management.

Prime Site: Located in a submarket with significant rent growth history (3% average since 1996) and a dearth of entitled multifamily ground.

Low Cost Basis:​ It is expected to generate a robust Return on Cost at stabilization (2020)

Strategically Located:​ The Rosslyn-Ballston Corridor of the City of Arlington, one of the Washington Metro Area’s most dynamic submarkets with over 8.4 million square feet of office space, 1.1 million square feet of retail and 8,000 residential units. ​

Superior Area Economic Base:

  • Arlington consistently has the lowest unemployment rate out of all the surrounding counties at 1.9%. ​
  • Average median household income in the Rosslyn-Ballston Corridor is $105,000 ​
  • Niche.com ranked Arlington as the #1 Best City for Millennials
  • 81% of Rosslyn-Ballston Corridor residents are college graduates, while 43% earned an advanced degree

Prime Location with Easy Transportation Access:

  • 3 metro lines (10-minute walk to two Metro stations – Rosslyn Metro and Courthouse Metro Station)
  • 5 major road networks and 4 bridges
  • 3 miles away from DC’s most popular airport, Reagan National Airport serving 21 million passengers annually ​ ​ ​ ​ ​

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. ​ ​


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