New Apartment Building Converted to Condos

The new “Grayson Flats” rental apartment building, at 1200 N. Rolfe Street in Radnor/Fort Myer Heights, has been purchased by a local developer and is being re-positioned as a condominium building called “The Avery.”

Reston-based Silverwood Companies announced today that it has purchased the 67-unit building, which was originally planned as a condominium, before being converted to rentals. Now, the building is back to condos.

“There is considerable demand for new condominiums, and with interest rates at historic lows, we see real opportunity,” said Mark Silverwood of Silverwood Associates, in a press release. “The building was designed as a condominium with large floor plans and an array of impressive amenities.”

The building’s sales agent echoed Silverwood’s assertion that demand is outstripping supply in Arlington’s condominium market.

“This will be exceptional new offering into a condominium market with virtually no inventory, and — most importantly — will be available for occupancy this summer,” said David Mayhood of The Mayhood Company. “The timing could not be better.”

The Avery features one- and two- and two-bedroom-plus den condos up to 1,750 square feet. Prices start in the mid-$400,000’s.

Building construction was completed in March and sales will start in May, with the first move-ins expected at some point this summer. The condo conversion took place before any of the units were leased, according to a spokeswoman.

More about the building, from the press release:

Situated in a park-like setting adjacent to Fort Myer, The Avery enjoys a highly convenient location just an eight-minute walk to the Courthouse Metro station. Residents will enjoy easy access to Routes 50 and 66, the George Washington Parkway, and to the shops, restaurants, culture and nightlife of both the District and Arlington. Georgetown and the Kennedy Center, just two miles away, can be reached easily by car, public transportation, or on local bicycle trails.

Almost 90 percent of The Avery’s homes have private outdoor spaces – some up to 300 square feet – including large patios, balconies, and individual rooftop terraces. The floor plans feature open entertaining areas, gourmet kitchens with large granite- topped islands, and wide plank flooring. Especially impressive is the abundance of closets, built-in shelving, and in-unit storage space. Individual condominiums, with ceiling heights up to ten feet, range from 750 SF to 1,750 SF, and most feature powder rooms. Some 40 percent of the homes offer private dens that are perfect for home office or guest room use.

The Avery’s stylish amenities include an elegant entrance lobby with a staffed front desk, The Avery Club Room opening onto a large outside terrace with landscaping, seating, and cooking station, and a residents’ rooftop terrace. The fitness center offers both strength training and cardio equipment with IPod docks. Garage parking, bike storage, and individual storage spaces also are available.