GROUND BREAKS FOR MULTIFAMILY COMMUNITY IN ALEXANDRIA, VA.

ALEXANDRIA, VA. — Erkiletian and McLean, Va.-based Jefferson Apartment Group are developing The Asher, a luxury multifamily property in Alexandria. Located one block from the Braddock Road metro station, the 206-unit property will offer one- and two-bedroom apartments, 6,400 square feet of retail space and a two-story, 256-space underground parking garage. Additionally, the project will feature a landscaped plaza, a residents' club room with Wi-Fi and state-of-the-art business and fitness centers, and rooftop terraces with views of the Potomac River and Washington, D.C. The project, which is seeking LEED certification, is being financed by a $40.5 million construction loan from US Bank and $7 million in preferred equity from Federal Capital Partners of Washington, D.C. Erkiletian is providing the remaining equity.