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 project in Northern Virginia is set to move forward after securing a $60 million construction loan. Developers Middleburg Communities and Capital City Real Estate plan to build a 260‑unit apartment building called The Botanist on a 3‑acre surface parking lot at 10350 Eaton Place in Fairfax. The lender is CIBC Bank USA, and the development team says construction will start immediately with the first units expected to be delivered in the third quarter of 2027.
The construction mortgage of $60 million comes from CIBC Bank USA, a U.S. subsidiary of a Canadian banking group. The development team is providing an additional $40 million in equity$10.4 million, clearing the way for the start of construction.
The Botanist will rise on a 3‑acre surface parking lot adjacent to a set of 1980s‑era office buildings known as WillowWood Plaza. The project is a ground‑up apartment development—an uncommon type of build in this part of Northern Virginia—aimed at adding rental housing in an area with limited new apartment supply.
The project has been in the works for nearly four years. Capital City Real Estate began the entitlement process almost four years ago, and Middleburg Communities joined as a general partner last year. With financing now in place, the development team intends to break ground immediately and bring the first units online by the third quarter of 2027.
Developers point to several market dynamics that made the site attractive. A regional push to bring workers back to offices has helped boost demand near employment centers. At the same time, Northern Virginia has seen comparatively little new apartment construction versus other parts of the Washington area and the broader mid‑Atlantic and Southeast. That limited supply has supported rent growth in the submarket, which developers and lenders say offsets some short‑term risks.
Regional planning goals show the area still needs more housing to hit long‑term targets. One analysis put Fairfax County at just over one‑third of the way toward its housing goal for 2030. Meanwhile, concerns about federal employment shifts have made some investors cautious. Data tracking federal employment between December and May showed declines across the region, with the largest drop in Northern Virginia. Developers noted that while federal workforce moves caused short‑term worry, only a small number of local renters were directly affected, and many received compensation packages that reduced rent payment disruption. Lenders involved in the deal reported steady performance in their Northern Virginia portfolios and cited ongoing rent growth as a positive sign.
Regional rent measures show year‑over‑year increases in the Washington area overall, with two‑bedroom median rents in the region above national levels. Several Northern Virginia communities have seen notable rent growth, and certain submarkets rank among the most expensive in the region. Nationally, however, rents have softened in some markets as a wave of new multifamily supply has come online.
With the construction loan closed and site ownership secured, the development team expects to begin site work and vertical construction shortly. Delivery of the first units is scheduled for the third quarter of 2027, assuming typical permitting and construction schedules.
The Botanist is a planned 260‑unit apartment building to be built at 10350 Eaton Place in Fairfax on a 3‑acre surface parking lot.
Developers are Middleburg Communities and Capital City Real Estate. The construction loan is provided by CIBC Bank USA, with the developers and a 90% limited partner supplying about $40 million of equity.
The development team closed on the site for $10.4 million.
Construction is planned to start immediately following loan closing, and the first units are expected in the third quarter of 2027.
Developers cited a regional return‑to‑office trend and a relative lack of new apartment supply in Northern Virginia compared with nearby areas, which has supported local rent growth.
Yes. Changes in federal employment and broader market conditions can affect demand. Developers and lenders, however, noted steady rent growth locally and limited direct impact on renters from recent federal workforce moves.
| Feature | Details |
|---|---|
| Project name | The Botanist |
| Unit count | 260 units |
| Site address | 10350 Eaton Place, Fairfax, VA |
| Site size | 3 acres |
| Developer(s) | Middleburg Communities and Capital City Real Estate |
| Construction lender | CIBC Bank USA |
| Construction loan | $60 million |
| Equity | $40 million from Middleburg Communities and a 90% limited partner |
| Site purchase price | $10.4 million |
| Construction start | Immediate (following loan close) |
| First unit delivery | Q3 2027 |
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