Tenants have begun to move into the former Shirley Duke apartments, a 2,113-unit, 200-building, 86-acre complex on Duke Street in Alexandria near Shirley Highway that is currently being rehabilitated.
Renamed Foxchase of Alexandria, the complex was purchased eight months ago by a group headed by developer Morton Sarubin. He said recently that 50 of the apartments have been renovated and rented. One hundred units are scheduled to be finished each month in the 30-year-old garden apartment complex, he added.
Rents range from $340, plus utilities, for a one-bedroom unit to $495 for the largest two-bedroom unit. Utility costs are estimated to range between $40 and $60 a month. Bi-level floor plans are being offered in some buildings.
The project is a joint venture with the National Housing Partnership and Bush Construction Corp. of Norfolk.
The Department of Housing and Urban Development insured the project under its 221(d)(4) program for long-term, below-market mortgage financing and the Virginia Housing Development Authority approved a $72.5 million construction loan financed by the sale of tax-exempt bonds and notes.
The rehabilitation project is a shot in the arm for the local rental market, which has a vacancy rate of less than 3 percent. Construction of unsubsidized buildings here has fallen off sharply in recent years.