ARLINGTON, VA. — CB Richard Ellis has capped off a busy month with the sale of Metropolitan at Pentagon City, a Class A, high-rise apartment community located in Arlington. The tower is located at 901 S. 15th St. less than one block away from the Pentagon City Metro Station. It contains 325 units in a mix of studios, one-bedrooms and two-bedrooms. Amenities include a resort-style swimming pool with a hot tub and a sun deck, a fitness center, a media room with theater seating, a business room, and a club room with a conference area and a professional kitchen.
Dallas-based INVESCO Real Estate US acquired the asset from a joint venture between Hartford, Conn.-based Cornerstone Real Estate Advisors and KETTLER. In a statement, Bill Roohan of CBRE, who led the brokerage team on behalf of the seller, said, “This best-of-class asset attracted a very aggressive buyer pool of REITs and pension funds, which demonstrates the strength of the market and institutional capital's desire for Northern Virginia and mass transit-oriented communities.”
Roohan was assisted in the deal by other members of CBRE's Washington DC Multi-Housing Investment Properties Group. They include Mike Muldowney, Andy Boyer, Morgan Campbell, Jonathan Greenberg Michael Rudolph, John Sheridan and Brian Margerum. This marks the fourth Washington, D.C.-area deal the brokerage group has closed in the past two weeks. Most recently, Misty Ridge, a 409-unit community located in Woodbridge, Va., traded for $45 million. Before that, The Greens of Columbia, a 168-unit community located in Columbia, Md., sold for $9.59 million. Finally, the 96-unit Argent community in Silver Spring, Md., sold for $24.8 million.
— Coleman Wood