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ALEXANDRIA
Submarket Statistics 2022 Recap
Alexandria had the most robust sales figures of any submarket in the DC region last year. Two Carr Companies projects began settlements after years of presales: Venue, a townhome and condo development in Old Town North, closed 82 sales at an average of $884 per square foot, and Muse, their luxury condo offering on the waterfront a few blocks north, closed 25 and averaged $1,046 per square foot. Combined they made up 76% of Alexandria’s settlements. Other projects contributing to the area’s healthy volume included Robinson Landing, which is nearly sold out and averaged over $2 million for its ten sales, and The View on Washington, which sold out at an average of $733 per square foot. 1,505 Class A rental units delivered in Alexandria in 2021, but they were absorbed quickly and vacancy was stable at 11% by the end of 2022.
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New Construction Sales
Sales Volume
Select Condo Project Snapshots
Muse
Carr Companies Delivered, Actively Selling
Total Units - 73 Units Sold - 42 Pace - 1.6/Month
Average Size - 1,400 SF
Projected Sellout - Low $1,000s PSF
Towngate North
Brookfield Residential Delivered, Selling
Total Units - 82 Units Sold - 45 Pace - 4.1/Month
Average Size - 1,298 SF
Projected Sellout -Low $900s PSF
UP OUTLOOK WHAT’S NEXT…
Alexandria is not done yet, with a handful of condo projects under construction and in pre-development. Towngate North, an 82-unit office-to-residential conversion near the southern tip of Potomac Yard, was about half sold at the turn of the year, and Braystone, a 31-unit low-rise on King Street, is giving hard hat tours. While Alexandria has been dominated by luxury product the last few years, we believe it is also ripe for moderately priced condos for first-time homeowners, such as Community Three’s upcoming TideLock project. This 152-unit waterfront development offers views of the Potomac River and Washington, DC with the smallest average unit size of any recent waterfront project in the submarket, making it the most affordable new waterfront development in Alexandria.
