2022 Spring Issue - 105

Activity in the fitness center is
visible day and night.
108 units per acre (264 per ha).
That means this low-rise structure
could match the actual density and
300-unit average scale per building
of the existing high-rise projects.
. . . But Maintain Rents
Developers must think not only
about construction costs, but also
about revenue streams. A lowerquality
project might depress rents
for the towers. But if the low-rise
project could attract tenants at
unit sizes and rents comparable
to those of the towers, then it
could justify some construction
cost additions such as those for
the higher-quality inner courtyard
and public spaces that had been
designed.
Current data suggest that rent
levels are comparable in all three
projects. This past winter, Arrowwood
achieved rents of $1,945 to
$3,505 for units of 565 to 1,191
square feet (53 to 111 sq m). Many
of its two-bedroom units have
a central living/dining area and
kitchen that is flanked by dual
master bedrooms, each of which
has a walk-in closet that leads to
a private bathroom. At the same
time, Wentworth House realized
rents of $1,605 to $2,968 for units
of 563 to 1,250 square feet (52 to
116 sq m), and Aurora rents ranged
from $1,715 to $3,505 for units of
493 to 1,160 square feet (46 to 108
sq m).
The unit mix of Arrowwood
includes 52 studios (18 percent),
130 one-bedroom units (44 percent),
and 112 two-bedroom units
(38 percent). More granular data
regarding unit mix, term, turnover
rates, and vacancies not available
publicly might suggest different performance
characteristics of low-rise
versus high-rise buildings, so the
similar range and unit sizes of the
three projects could be misleading.
But the fact that those ranges are
so similar demonstrates that Arrowwood
is perceived by the market to
be competitive.
The reason, says Design Collective
principal Nick Mansperger:
" It's the building's common areas
and units' direct adjacency to
highly designed and diverse landscaped
spaces that differentiate
it from high-rise living that's often
segregated from the ground and
segregated from seeing your neighbors. "
Business news articles in
March 2019 reported that LCOR had
received a construction loan from
M&T Bank for a $90 million project,
which equates to $306,000 per
unit. Those costs are not dissimilar
from other units of higher quality.
Arrowwood's large communal
outdoor commons spaces, visible
to its residents and accessible
to all tower residents, help build
community. The variety in outdoor
spaces from the urban park to the
inner courtyard commons provides
various facilities-from largely open
areas to more intimate outdoor
spaces-for use by residents of all
three projects. This suggests that,
together, they do help define a
more urban sense of place for this
suburban project.
The availability on site of a
large full-service grocer-as well
as access to Metro's regional rail
station by a short walk of less than
1,000 feet (305 m) and to the Pike
& Rose entertainment and restaurant
offerings less than a half-mile
(0.8 km) walk away-creates a
much more urban experience than
is typical in suburban locations. In
addition, LCOR's common ownership
and management of the varied
facilities in all three projects helps
create a more enticing place to
live. The additional thousand units
the buildings add to the area's
high-quality housing stock also
help fulfill the objectives of
WMATA's joint development program
begun over three decades
ago. UL
WILLIAM P. MACHT is a professor of urban
planning and development at the Center for Real
Estate at Portland State University in Oregon and a
development consultant.
(Editor's note: This marks the last column from Will
Macht following 20 years of excellent contributions and
industry insight. He will be missed.)
SPRING 2022
URBAN LAND
105
DESIGN COLLECTIVE INC.
2022 Spring Issue

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