WASHINGTON – Archstone has acquired a 0.46-acre development site in the NoMa Business Improvement District in Washington, D.C.
Archstone plans to build a 206-unit, well-appointed apartment community on the parcel located at 100 K Street NE. The site is two city blocks from Archstone NoMa, which is under construction at the corner of 1st Street NE and M Street NE and is on track to lease first units in the first quarter of 2012. Construction on the 100 K Street community is expected to begin in the second half of 2012.
“The Washington, D.C., metropolitan area is our largest market, and we’re excited about this opportunity to develop another apartment community in the District’s fastest growing neighborhood – NoMa,” said Neil Brown, Archstone’s chief development officer. “Including the 100 K Street site, we plan to begin construction on projects totaling $575 million in the D.C. area alone in the next two years.”