Quarterra and PGIM Celebrate Groundbreaking at Alexandria Crossing Apartments

Rhea-AI Summary

Quarterra and PGIM have started construction on Alexandria Crossing, a seven-story mid-rise apartment community in Alexandria, Virginia, financed with lead lender ING Capital LLC (NYSE:ING). The project will feature 385 units, extensive amenities, strong transit access and aims for NGBS Gold sustainability certification.

News Market Reaction – PRU

-0.87%

-0.87% Session close to close

In the May 28 session, PRU declined 0.87%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Mid-rise apartment development to offer prime regional connectivity

ALEXANDRIA, Va., May 28, 2026 /PRNewswire/ -- Quarterra, an industry-leading multifamily development and investment management firm, and PGIM, the global investment management business of Prudential Financial, Inc. and the second-largest real estate investment manager in the world, celebrated the commencement of construction on Alexandria Crossing at their groundbreaking ceremony earlier this month. Alongside the project's lead lender, ING Capital LLC, Quarterra and PGIM are proud to bring the new luxury apartment community to the heart of Alexandria, offering a premier residential destination that blends modern living with unparalleled connectivity.

Alexandria Crossing is designed as a sophisticated mid-rise community, comprised of seven stories and featuring 385 apartment homes. The development will offer a diverse range of floor plans, from efficient studios to spacious three-bedroom residences, with units ranging from 398 to 1,378 square feet. Committed to environmental responsibility, the community is engineered to meet the National Green Building Standard (NGBS) Gold Certification for environmental sustainability.

The broader master development also includes a significant residential expansion by Lennar, one of the nation's leading homebuilders, featuring 44 "two-over-two" for-sale townhomes — architecturally styled as four-level townhouses but internally split into two separate, multi-level residences — and 33 for-sale traditional townhomes.

"Alexandria Crossing represents our commitment to creating high-quality, sustainable housing that meets the needs of modern urban dwellers," said Drew Dunn, Senior Development Manager with Quarterra. "With its unmatched location and regional accessibility, combined with a curated amenities package, we are creating a community that is as convenient as it is comfortable."

Located at 6239 Shields Avenue, Alexandria Crossing will offer residents prime connectivity to regional attractions, recreation, employers and necessities. The community fronts along US Route 1, providing immediate access to major thoroughfares including I-495, I-395 and the GW Memorial Parkway. The community site is just 0.8 miles from the Huntington Metro Station (Yellow Line) and adjacent to a future Bus Rapid Transit (BRT) stop. The transit access creates easy commutes to major employers, including the National Science Foundation, Virginia Tech Innovation Campus, Amazon HQ2, the Pentagon and Fort Belvoir.

The community is situated immediately adjacent to the Kings Crossing Shopping Center, which includes retail and restaurants, as well as medical and service providers. Directly across Route 1 is the South Alex development, featuring groceries, coffee shops and destination dining.

Residents can also enjoy nearby recreation destinations, including Mount Vernon District Park, Martha Washington Library, and various nature trails and bike paths. The community is within 10 minutes of the renowned restaurant scene in Old Town Alexandria and Carlyle Plaza, with the McCutcheon/Mount Vernon Farmers Market nearby.

Designed for an active and social lifestyle, Alexandria Crossing will offer a suite of high-end amenities, including:

• Courtyards: Two courtyards will feature a resort-style pool with cabanas and a sun shelf, walking trails and outdoor dining areas. The courtyards will be connected by an interior sunroom with a kitchenette.
• Fitness Center: A state-of-the-art facility equipped with interactive fitness screens and flex spaces for all training levels.
• Clubhouse and Resident Lounge: Active spaces for entertaining, highlighted by a pool table, shuffleboard and a fireplace.
• Dog Park/Spa: An elevated outdoor dog park with obstacles and seating, as well and an indoor pet spa with built-in washing stations.
• Business Center: Modern business facilities, including a podcasting room, private conference room, four micro offices and oversized conference table.
• Open Space: An additional 0.62 acres of public open space incorporates the Terminus Green community park, a pollinator garden with benches and swing, and a linear park with multi-use green space, natural play elements and seating.

Other property features include 131 bicycle racks, 40 resident storage units and an eight-level parking garage with 489 stalls, including eight EV charging spaces.

Alexandria Crossing is Quarterra's first multifamily development in Alexandria and second in Virginia. 

About Quarterra
Quarterra is a real estate investment firm focused on creating long-term value through the development of high-quality multifamily communities nationwide. With 12 regional offices across 20 states, Quarterra combines institutional scale with local market expertise to deliver purposefully designed rental communities in high-growth markets. For more information, visit www.Quarterra.com.

About PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.5 trillion in assets under management.² PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions—including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 37 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.

¹ As of December 31, 2025, net AUM is $139B and AUA is $50B. PGIM is the second largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments' "The Largest Real Estate Investment Managers" list published November 2025. This ranking represents AUM as of 6/30/25. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.

² As of December 31, 2025.

About ING
ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV (NYSE: ING), a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. Please note that neither ING Groep NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S.

Media Contact                                      
Marlena DeFalco
LinnellTaylor Marketing                                                          
marlena@linnelltaylor.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/quarterra-and-pgim-celebrate-groundbreaking-at-alexandria-crossing-apartments-302783858.html

SOURCE Quarterra

FAQ

What is Alexandria Crossing and who is involved with ING stock (NYSE:ING)?

Alexandria Crossing is a new seven-story, 385-unit luxury apartment community in Alexandria, Virginia. According to Quarterra, it is being developed with PGIM, with ING Capital LLC acting as the project’s lead lender.

Where is Alexandria Crossing located and what transit options are nearby for ING-related development?

Alexandria Crossing is at 6239 Shields Avenue in Alexandria, Virginia. According to Quarterra, it fronts US Route 1, is 0.8 miles from Huntington Metro Station and sits by a future Bus Rapid Transit stop, providing regional connectivity.

How many apartments and floor plans will Alexandria Crossing offer in the ING-backed project?

Alexandria Crossing will include 385 apartment homes in a mid-rise, seven-story building. According to Quarterra, units will range from studios to three-bedroom residences, sized between 398 and 1,378 square feet to serve varied resident needs.

What amenities will the Alexandria Crossing apartments offer near the ING Capital-led financing?

Alexandria Crossing will feature courtyards with a resort-style pool, fitness center, clubhouse, dog park and spa. According to Quarterra, it will also include a business center, podcast room, micro offices, 0.62 acres of public open space and an eight-level parking garage.

How is sustainability addressed at Alexandria Crossing in the Quarterra, PGIM and ING project?

Alexandria Crossing is engineered to meet the National Green Building Standard Gold Certification. According to Quarterra, this environmental focus is complemented by public open space that includes Terminus Green park, a pollinator garden and a linear park with multi-use green areas.

What other residential components are included in the broader Alexandria Crossing master development?

The broader master plan includes additional for-sale housing by Lennar. According to Quarterra, this expansion features 44 "two-over-two" townhomes, designed as four-level structures split into two multi-level residences, plus 33 traditional for-sale townhomes.