Construction begins on The Botanist, a 260‑unit apartment building at 10350 Eaton Place in Fairfax.
Fairfax, Virginia, August 15, 2025
Developers secured a $60 million construction loan to build The Botanist, a 260‑unit apartment building at 10350 Eaton Place on a roughly 3‑acre former surface parking lot in Fairfax. The project is being developed by Middleburg Communities and Capital City Real Estate with about $40 million of committed equity and a recent land purchase of $10.4 million. Construction will begin immediately with first move‑ins expected in the third quarter. Leaders cited limited new apartment supply in Northern Virginia and steady rent growth as key reasons to move forward despite regional market headwinds.
A rare ground‑up apartment development in Northern Virginia has secured a $60 million construction loan and is preparing to break ground on a 260‑unit building called The Botanist. The project sits on a 3‑acre surface parking lot at 10350 Eaton Place in Fairfax, next to a group of 1980s office buildings known as WillowWood Plaza.
The construction loan comes from CIBC Bank USA, a Chicago‑based unit of a Canadian banking group. The development team is putting up equity of about $40 million, provided by Middleburg Communities together with a 90% limited partner. The lead investment executive for Middleburg on the deal is the firm’s principal of strategic investments, who declined to name the 90% limited partner.
The site purchase for the parcel was completed last week for $10.4 million. With financing finalized, the developers plan to start construction immediately and expect to deliver the first apartments in the third quarter of 2027. The project has been in the works for nearly four years; the entitling process began almost four years ago and Middleburg joined as a general partner last year.
Developers say the decision to build reflects a return‑to‑office push in the region and a relative shortage of new apartment supply in Northern Virginia compared with Washington, D.C., and other nearby markets. The construction market in Northern Virginia has been slower than in other mid‑Atlantic and Southeast markets, where a wave of new supply has recently come online.
Local housing targets show Northern Virginia, and Fairfax County in particular, lagging longer‑term goals. As of last year, Fairfax County was about 36% of the way to the 2030 housing development target set by regional planners, while the District and Alexandria had already passed their targets. That gap has made sites that can be developed for apartments more attractive to builders and investors.
The region’s rental market has shown steady gains even as national rents cooled. Recent data for the D.C. area showed median rents up year‑over‑year, with a two‑bedroom median in the metro area around $2,215. Several Northern Virginia neighborhoods posted strong increases: Annandale led with roughly a 9.7% year‑over‑year rise, followed by Woodbridge and Arlington at 6.6% and 5.9% respectively. The highest two‑bedroom medians in the area were in Arlington, Tysons Corner, and Merrifield.
At the same time, federal employment changes have weighed on investor sentiment. Regional data showed the largest drop in federal employment among the suburbs between December and May, with Northern Virginia experiencing about a 6.1% decline, suburban Maryland around 4.1%. The District proper also saw declines. These shifts created caution among some capital providers earlier in the year, but lenders and the development team concluded that current rent growth and constrained housing supply support the project’s economics.
Developers also reported that the number of renters directly affected by federal workforce changes appeared limited and that severance or buyout arrangements helped many households maintain rent payments while finding new work. Lenders active in the region indicated they have seen strong portfolio performance and sufficient rent momentum to proceed with the loan.
The new project stands out as a ground‑up multifamily build in a market that has seen more activity from acquisitions than from new development. While some neighboring markets have absorbed substantial new supply — more than 600,000 new multifamily units delivered nationwide in the most recent surge — Northern Virginia’s development pipeline has been comparatively thin. That dynamic has supported rent growth in the region even as many Sun Belt markets faced downward pressure from large new deliveries.
Given current supply trends and demand tied to both public and private employers, the developers and lender judged the timing appropriate to move forward. The team plans to push ahead with the schedule now that construction financing and site ownership are in place.
The project is a 260‑unit apartment building called The Botanist, planned for a 3‑acre surface parking lot at 10350 Eaton Place in Fairfax, adjacent to WillowWood Plaza office buildings.
Developers include Middleburg Communities and Capital City Real Estate. A construction loan of $60 million is provided by CIBC Bank USA. Equity of about $40 million comes from Middleburg Communities together with a 90% limited partner.
Construction will begin immediately with the goal of delivering the first units in the third quarter of 2027.
Developers point to a limited amount of new apartment supply in Northern Virginia and ongoing rent growth. While federal job changes created short‑term concern, lenders and the development team assessed that rent momentum and private employment gains will support demand.
The project adds to a pipeline that has lagged regional housing targets. Fairfax County has been behind its 2030 housing goal, so new multifamily projects contribute toward closing that gap.
| Feature | Detail |
|---|---|
| Project name | The Botanist |
| Location | 10350 Eaton Place, Fairfax, VA (3‑acre former surface parking lot) |
| Units | 260 apartments |
| Construction loan | $60 million from CIBC Bank USA |
| Equity | $40 million from Middleburg Communities and a 90% limited partner |
| Site purchase price | $10.4 million |
| Start of construction | Immediate, following loan closing |
| First delivery | Third quarter of 2027 (expected) |
| Nearby landmarks | WillowWood Plaza office complex |
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