Development wrapped up on the first phase of The Stacks project in Washington, D.C.'s Buzzard Point neighborhood with a trio of multifamily buildings that opened last year.
The successful completion of the residential properties, named Everly, The Byron and Colette, earned the project a 2026 CoStar Impact Award for multifamily development of the year, as judged by real estate professionals familiar with the market.
Jointly developed by Akridge, Bridge Investment Group, Blue Coast Capital and National Real Estate Advisors at a former industrial site, the properties in the southwest corner of the city added more than 1,100 new units to the area. More than 10% of the units are reserved for residents earning up to 60% of the median family income.
At full buildout, The Stacks is expected to contain 2 million square feet of mixed-use space, including apartments, retail, hotel and office space.
About the project: Everly, at 2000 Second St. SW, contains 413 apartments ranging from studios to two-bedroom units. Colette, located at 2099 First St. SW, contains 213 traditional apartments ranging from studios to two-bedroom units, as well as 106 coliving units with 362 private bedrooms. The Byron, at 101 V St. SW, has at least 384 units, with a "pop-up hotel" of more than 120 furnished hospitality units, the project team said, which helps to defray lease-up risk with a large volume of units.
The first wave of retail tenants, including Launch Workplaces, Balance Gym, Bob's Market and the upcoming Café Unido, further activate the area, according to the project team. The project secured one of the largest construction and "opportunity zone" equity financings in Washington history, according to the project team.
What the judges said: "This large-scale residential development has fundamentally reimagined Buzzard Point, evolving it from an industrial and sports-focused area into a vibrant mixed-use neighborhood where people live, work, and play," said Tammy Shoham, a director of research for JLL. "The project's architectural innovation and thoughtful public space design have drawn architects and developers from across the country seeking inspiration for their own developments."
They made it happen: Cushman & Wakefield's Marshall Scallan, Bindi Shah and Shaun Weinberg were the brokers involved. On the ownership and financing side, Adam Gooch of Akridge, David Coelho of Bridge Investment Group, Hector Caldera of Blue Coastal Capital and David Sarner of Bank OZK. The redevelopment project was led by Akridge Vice President of Development Kristin Connall and Katie Hartley, managing director at National Real Estate Advisors. National Real Estate Advisors President and CEO Jeffrey Kanne also played a major role.
This article was updated on March 27 it include additional people under the "They made it happen" section.