15 Sep 2014
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JBG Purchases Reston's Charter Oak Apartments

Will aging Lake Anne-area complex be next on the list for redevelopment?

JBG Purchases Reston's Charter Oak Apartments

JBG Companies has purchased Reston's  Charter Oak apartments.

Charter Oak is a 262-unit complex off of North Shore Road near Lake Anne.

JBG, which also owns the Reston Heights mixed-use development and nearby Fairway Apartments in Reston, says the complex's location near Reston Town Center and Metro's upcoming Silver Line, presents a "terrific opportunity."

A JBG spokeswoman also said that there are "no redevelopment plans at this time."

However, Charter Oak, a garden-apartment complex built in 1970, is smack in the middle of affordable housing developments slated for redevelopment.

Fairway, after several years and many changes to its proposed redesign, was finally approved for redevelopment by the Fairfax County Board of Supervisors in April. The plan will turn the 18 garden-style buildings and 346 1970s-era units into four multifamily buildings and 131 townhouses.

County officials are reviewing a request for proposals from area developers who have an interest in Crescent Apartments.

The county, which purchased Crescent in 2006, opened the RFP in February 2012. Crescent is a 16-acre, 181-unit development also built in the early 1970s.

A developer is expected to be chosen in mid-2013, but redevelopment could be years away.

Also nearby, three buildings at Parc Reston were recently demolished to make way for two 14-story towers at the corner of Reston Parkway and Temporay Road.

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