Construction Starts on $95M Apartment-Condo Project

ALEXANDRIA, VA-The development of a 350-unit combination apartment-condominium property in the master-planned Carlyle community has taken a big step toward realization as construction gets under way on the massive project. Developer Post Properties Inc. of Atlanta is behind the endeavor–the first phase of which consists of 205 upscale rental properties in a 12-story high-rise, and 145 luxury condominiums in several mid-rise structures–which will cost a total of $95 million complete.

Phase II of the Carlyle project–an endeavor that has not yet been scheduled for construction–would sit on a block across from the parcel currently being developed and would offer an additional 325 residential units. Phase I is expected to be ready for occupancy during the second quarter of 2006. PN Hoffman is onboard as a joint venture partner in the development of the condominium segment of the undertaking.

“Post’s Carlyle development is ideally located for a mix of condominium and rental units in this strong submarket,” says Thomas D. Senkbeil, Post executive vice president and chief investment officer.