Carlyle Crossing

Summary

Located in the Eisenhower submarket of Alexandria, VA, Carlyle Crossing is a mixed-use property consisting of 741 apartments in three high-rise towers constructed on top of a retail podium and parking garage. The property features nearly 3.5 acres of elevated terraces connecting the residential towers. The ground level retail features an attractive streetscape and central plaza for hosting events. The property was acquired in 2017 and apartment units began delivering in November 2021.

The apartment towers, Dylan, Reese, and Easton, are differentiated by unit sizes and finish levels to offer variety to prospective renters. In addition to the outdoor terraces, the residents have access to a full suite of amenities including club rooms, state-of-the-art fitness centers and a rooftop pool with views of the Capitol. The apartments were very well received by the market and reached stabilized occupancy in 2023.

The retail space is spread over two floors and is anchored by an 84,000 SF Wegmans grocery store. Other retail spaces are leased to ecommerce resistant tenants such as restaurants, fitness concepts, cosmetic services, and a daycare center.

Creek Lane participates in the investment as a co-general partner alongside Stonebridge, the developer. A pension fund is the 90% limited partner. The partnership financed the project with a long term fixed-rate loan.

investment rationale

The Washington, DC metro area population is consistently ranked amongst the nation’s most educated and affluent. Economic conditions have strengthened over the past few years with continued federal government and private sector job gains.

Alexandria, and Carlyle Crossing, specifically, benefit from excellent connectivity to metro area job centers, including the new Amazon HQ in Crystal City and the Virginia Tech Innovation Center slated to open in 2025.

Stonebridge is one of Washington, DC’s premier development firms with an extensive track record of infill mixed-use development.