CoStar: Big wave of new apartments coming in

There has been a great deal of chatter in real estate circles concerning the high volume of apartment projects under way in Northern Virginia.

According to CoStar information, the Rosslyn-Ballston corridor alone has 1,135 apartment units currently under construction among five properties all slated to open within the next 14 months. The most noteworthy of the group is JBG’s Sedona and Slate located at 1510-1524 Clarendon Blvd. This 474-unit high-rise complex will include 474 luxury units and more than 20,000 square feet of ground-floor retail. A bit closer on the horizon is 2201 Pershing Blvd., a 200-unit apartment complex in Arlington, which Equity Residential plans to complete by August.

Over the past decade, 5,793 apartment units were added to the Rosslyn-Ballston corridor. Over the next 14 months, the area should see a wave of completed units totaling approximately 20 percent of all new apartment projects finished over the past decade.

This significant increase in apartment supply could provide the region with a major test of multifamily demand as it will be occurring during a period when cuts in federal spending are likely.

Jared Cobert is a research analyst for CoStar Group in Washington.