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.

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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.

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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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Besides the high demand for properties in this part of NorthernVirginia, the deal also illustrates how quickly valuations formultifamily projects are growing. Last October, thesister building--Metropolitan at Pentagon Row, a 326-unit luxuryapartment high-rise--traded for $100million. Equity Residential purchased the building forcash from a Kettler joint venture.

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Metropolitan at Pentagon Row is located one block from thePentagon City Metro Station, two blocks from I-395 and three blocksfrom US Route 1. It offers studio and one- and two-bedroom unitsaveraging 870 square feet.

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