ARLINGTON, VA-Invesco Real Estate US of Dallas has acquiredMetropolitan at Pentagon City, a luxury high-rise apartmentcommunity at 901 S. 15th St. in Arlington, VA, from CornerstoneReal Estate Advisers and Kettler. According to public records, the325-unit building traded for about $125 million.
The CB Richard Ellis Washington DC Multi-Housing InvestmentProperties team of Bill Roohan, Mike Muldowney, Andy Boyer, MorganCampbell, Jonathan Greenberg, Michael Rudolph, John Sheridan andBrian Margerum represented the seller--the group’s fourthmultifamily sale in the past two weeks.
There was a tremendous amount of interest in the property,Roohan tells GlobeSt.com, including pension funds and REITs vyingfor the asset. “That submarket is expected to post huge rentgrowth, of 4% to 7%, over the next five years,” he says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
