Amazon HQ2 spurs sale of the Loren
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| The Loren |
Blackfin Real Estate Investors, in partnership with Sachs Cos., acquired the Loren, a mid-rise apartment building in Seven Corners, for $70 million in anticipation of the pending economic boom from Amazon’s headquarters in Arlington.
The seller is the Bozzuto Group, which developed the project in 2017. The building, at 6410 Arlington Blvd. in Seven Corners, has 185 units, including 14 townhouses at the rear of the property on South Street.
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| The courtyard at the Loren. |
The building also has 13,600 square feet of retail space. Retail tenants include Orangetheory Fitness and Casual Pint. The housing units are 97 percent occupied.
According to a Blackfin press release, the Loren has “upscale features and unrivaled amenities” and is “just an 18-minute drive to National Landing, the future home of Amazon HQ2.”
“We believe Amazon’s decision to establish Northern Virginia as its East Coast headquarters location will drive significant future rent growth in nearby markets, such as Falls Church and beyond,” said Doug Root, managing partner with Blackfin, based in Arlington. “We are thrilled to have an asset uniquely positioned to reap those benefits.”
“This acquisition represents an exciting opportunity to own a core, class-A asset in a supply-constrained market with excellent proximity to strong employment centers,” said Curtis Sachs, principal at the New York City-based Sachs Cos. “Loren Falls Church offers significant rent growth potential while still maintaining a value alternative to Tysons and the Rosslyn-Ballston corridor.”
Rents for units currently available at the Loren range from $1,986 for a 745-square foot apartment with one bedroom and one bathroom to $3,369 for a 1,400-square foot three-story townhouse with two bedrooms, two and a-half bathrooms, and a den.
Unassigned garage parking is $75 a month. For dogs and cats, there’s a one-time $500 charge and a $50 monthly fee.
And yet mixed use in Baileys Crossroads and better and efficient mass transit remains oblique in Mason.
We must demand it in Mason/Lincolnia/Annandale. The NIMBYS opposed to it must be overruled.
We must demand better leadership to take us out of this slump. With the advent of Amazon upon us and a strong economy, Mason should be booming, not declining. A leader that could provide us with good mass transit to downtown that reinvigorates the commercial sector to pull our economy up will get my vote.
Enough of the section 8 housing, boarding houses, vacant storefronts, homeless shelters and useless parks. Mason needs a new direction. Status quo is not working.
Ok, I’m new here. What concrete steps can we take to make progress happen here. Whom do I need to call?
Marcos – we just passed a new Comprehensive Plan for the Lincolnia area with the visible support of one of the landowners. That is a concrete step. There is a great deal of energy in the area – developer energy – but it takes some time to come to fruition. And by the way, the plan in Lincolnia is for mixed use development, to connect with the coming changes at Landmark Mall. One thing to keep in mind, is that the "old" Route 7 that many here seem to think was the greatest thing in the world, was based on a strong retail environment and consumers that drove to their shopping. With that changing, a huge part of the land use in Bailey's and Seven Corners needs to be converted to our newer economy. Look at the lofts being converted at Carlin Springs and Columbia Pike; that's the wave. We were saddled with these endless shopping strips and they are very difficult to redevelop. But when it happens, be sure to be supportive of the growth!
Thanks James for briefing me on the situation. Increased density and mixed use development is inevitable everywhere within the Beltway (Virginia). The question is how will it integrate with transportation and existing development. I find it exciting.
Hi Marcos, I fully concur with your point of view. One thing that can be done is to push our elected officials to move faster toward implementation of the Route 7 bus rapid transit (Route 7 BRT) Line.
You can search the Internet and find information on it, including on the site of the Northern Virginia Transportation Commission (NVTC).
Considering that several such BRT Lines currently do exist, and more will likely be established in the future in the DC Metro Area (for example the Metroway that connects the Pentagon City, Crystal City, and Braddock Road Metro Stations has already been in operation for over a year), it is taking way too many years for the Route 7 BRT Line to become a reality.
Our current Supervisor claims only she, because of her long tenure, has the experience and political clout to get things done for Mason District; but she doesn’t even provide updates on the status of the Route 7 BRT line, as if she knows she will be long gone if and when this BRT line is built and put in operation.
If you want to see development in the Bailey’s Crossroads area, then you want mass transit going through the area, and the Route 7 BRT line is the only realistic option under coinsideration.
Ive heard this all before with the Baileys Comprehensive Plan. Noting has happened except for a useless and ugly Interim Park and a new high-rise homeless shelter. That is not progress, this is just more politically motivated County mismanagement.
People that helped reelect Penny Gross are going to get what they deserve. Baileys, Lincolnia, and Annandale will continue on their downward spiral.