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.
What just happened: A rare ground-up apartment project in Northern Virginia has secured financing and is ready to start construction. Developers Middleburg Communities and Capital City Real Estate won a $60 million construction loan from CIBC Bank USA to build a 260-unit apartment building called The Botanist on a 3-acre surface parking site at 10350 Eaton Place in Fairfax.
This project represents one of the relatively few new apartment developments breaking ground in Northern Virginia. Developers were attracted by a regional push to bring workers back to offices and by a long-running shortage of new apartment supply compared with nearby urban parts of the region. That tight supply has helped rents rise locally even while some other markets have leveled off.
The project is a joint effort between Middleburg Communities and Capital City Real Estate. Middleburg is serving as a general partner and is contributing equity alongside a 90% limited partner that has not been publicly named. A principal of Middleburg’s strategic investments team is overseeing the firm’s involvement and confirmed that the partner and lender moved forward despite recent regional federal employment shifts.
The construction mortgage comes from CIBC Bank USA. Middleburg and its limited partner are providing approximately $40 million in equity for the project. The development team recently closed on the land for $10.4 million and plans to begin building immediately, targeting initial move-ins in the third quarter of 2027. The project has been in the works for roughly four years, with entitlements started nearly four years ago and Middleburg joining as a general partner last year.
New multifamily supply has been stronger in other mid-Atlantic and Southeastern markets, while Northern Virginia’s development pipeline has lagged. Local planning targets show the county is not yet near its 2030 housing goals, with the region significantly behind in new housing compared with nearby jurisdictions that have hit or surpassed their targets. That shortage of new apartments has supported rent growth in the area.
Federal employment in the suburbs moved in varying directions recently, with data showing the biggest decline in the Northern Virginia suburbs between December and May. Developers and lenders considered those shifts while weighing the project, but the lender reported steady performance in its Northern Virginia portfolio and the development team noted that renters tied to federal work have been a small share of tenants and many received buyouts that helped them stay current on rent while seeking new positions.
Regional rental data from March 2025 showed overall rents in the Washington area rose year over year, and two-bedroom median rents for the metro area were roughly in the low $2,200s. Several Northern Virginia submarkets posted strong year-over-year gains, with some communities seeing high single-digit increases. In contrast, the national median rent was slightly lower year over year in the same period. These local rent trends reinforced developer confidence that a new, well-located apartment building can perform well despite near-term uncertainty.
With the construction loan and equity secured, the team plans immediate mobilization. The site sits adjacent to existing office buildings and will transform a parking lot into a multi-story rental community, adding dozens of new homes to a market that many developers and capital providers view as underbuilt. The delivery timeline targets leasing of the first units in the third quarter of 2027.
Construction activity is expected to ramp up on the site in the coming weeks. Observers will be watching how the new supply impacts local rent growth, leasing velocity, and the broader Northern Virginia multifamily market over the next two to three years.
The site will be developed into a 260-unit apartment building called The Botanist on a 3-acre former surface parking lot.
The construction loan is a $60 million mortgage from CIBC Bank USA. Middleburg Communities and a 90% limited partner are providing about $40 million in equity.
Construction is planned to start immediately now that financing is in place. The first units are expected to be delivered in the third quarter of 2027.
Developers cited a return-to-office trend and a relative lack of new apartment supply in Northern Virginia as motivating factors, coupled with steady local rent growth and lender confidence in the region.
The site is about 3 acres and sits next to a group of 1980s-era office buildings known locally as WillowWood Plaza.
| Feature | Details |
|---|---|
| Project name | The Botanist |
| Unit count | 260 apartments |
| Address | 10350 Eaton Place, Fairfax, VA |
| Site size | 3 acres (surface parking lot) |
| Developers | Middleburg Communities and Capital City Real Estate |
| Lender | CIBC Bank USA |
| Construction loan | $60,000,000 |
| Equity | $40,000,000 (Middleburg + 90% limited partner) |
| Site purchase price | $10,400,000 (recently closed) |
| Construction start | Immediate |
| First units delivery | Q3 2027 (target) |
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