The Grayson

Avison Young has been retained by NOVO Properties (the “Sponsor”) to arrange the sale of The Grayson (the “Property” or “1215 N Fayette Street”), a 119-unit Class A Trophy multifamily property located in Old Town Alexandria, VA. The Grayson is a premier building of exceptional quality with 17,426 square feet (sf) of ground-floor retail, a state-of-the-art fitness center, a spacious outdoor terrace with grill area/fireplace/TV on the 4th floor, and a rooftop terrace with an additional grill and stunning views.

The Grayson features an unparalleled location at the “Gateway of Old Town Alexandria” along Route 1, which provides regional connectivity to Alexandria, National Landing, Arlington, and downtown DC. The Property has taken advantage of the strong third and fourth quarter demand, increasing residential occupancy from 44% in March 2024 to 92% as of January 2025. The retail portion of the Property is 100% leased to The Goddard School and Dental Inc.

Construction on the Property began in November of 2021 and delivered in November of 2023. The property management team worked diligently to expedite leasing and, as of January 24, 2025, the Property has reached a blended occupancy of 93% across residential and commercial space. With increasing demand in the area and limited new supply, The Grayson is poised to capitalize on increasing rents, driving revenue higher in 2025.

The Grayson represents the opportunity to acquire a best-in-class stabilized Class A Trophy multifamily property in the highest rent growth region in America. With pricing guidance below replacement cost, a comparable property may not come to market in the foreseeable future.