ARLINGTON, VA. — Clarion Partners and Kettler have formed a joint venture to develop the $154 million, 411-unit The Acadia at Metropolitan Park, a luxury apartment complex located in Arlington’s Pentagon City submarket.
“The Washington, D.C., corridor has been one of the best performing markets in the nation over the last several years, and we believe that the fundamentals are in place to support further growth,” says Marc Deluca, managing director of Clarion Partners, a real estate investment manager with more than $24 billion in total assets under management. “We are delighted to have the opportunity to partner with Kettler in this very exciting project.”
The property is designed to achieve LEED Silver certification, and will be the first multifamily building in the submarket to receive the designation. The units will feature gourmet kitchens with quartz countertops, stainless steel appliances, moveable kitchen islands, wood floors and full-size washer and dryer units.
Amenities will include a fitness center with yoga room, tech lounge, conference room, rooftop lap pool and sky lounge with gaming areas, a demonstration kitchen and outdoor living and dining areas. Additionally, there will be 16,350 square feet of ground floor shopping and dining.
The 19-story building will be the third Class A high-rise building the joint venture has developed in the area. The Acadia, combined with The Gramercy and The Millennium, will be known as Metropolitan Park. According to Clarion Partners, annual market rent growth of 3.7 percent is anticipated during the next five years. Additionally, current vacancy rate in the Pentagon City submarket is 4 percent.
“Demand for our luxury apartments at The Gramercy and The Millennium has been sensational,” says Robert Kettler, founder and CEO of McLean, Virginia-based Kettler, which has developed more than 15,400 apartments and condominiums. “We believe that there will be continued growth in demand for high-quality living areas that are conveniently located to public transportation as well as downtown.”
The joint venture anticipates breaking ground on the project this summer, with completion slated for the first quarter of 2015.
— Savannah Duncan