$75M APARTMENT COMMUNITY IN ALEXANDRIA BREAKS GROUND

ALEXANDRIA, VA. — The Bozzuto Group, a Greenbelt, Md.-based real estate services company, and MGL Partners, a Denver-based development firm, have broken ground on The Frasier, a $75 million apartment community in Alexandria. The 249-unit development will be located across the Potomac River from Washington, D.C. Bank of America and RBS Citizens provided construction financing, and The Bozzuto Group and MGL Partners provided equity. Bozzuto Construction Co. commenced construction on the development, which is slated for completion in spring 2015. The transit-oriented community will be located within walking distance of the Potomac Yard Metro Station, which is expected to open in 2016 or 2017. The Frasier's amenities will include an outdoor kitchen, lounge area with a fire pit and waterfall, a swimming pool, 2,200-square-foot fitness center, game room and library.