ARLINGTON, VA-ING Clarion has acquired a core multifamilyproperty here--the Millennium at Metropolitan Park--for $118.5million on behalf of one of its investment funds. The Millennium,an 18-story, 300-unit, building that also includes 7,800 squarefeet of ground floor retail space, was developed byKettler.

In a prepared statement, ING Clarion said that it likes thesubmarket’s demographics, with above-average growth in populationand median household income. It did not return a call toGlobeSt.com in time for publication. Other trends in the areathat ING pointed to include a population that is expected to expandby 1.2% annually for the next several years, annual employmentgrowth of 2.3% and a median household income that is currently 73%above the nationwide number.

For these reasons, demand for properties, especiallymultifamily, are high here, Ari Firoozabadi, the locally based vicepresident of investments at Marcus & Millichap’s Real EstateInvestment Services, tells GlobeSt.com. “Millennium atMetropolitan Park is a best-of-class asset and the deal re-assertsthe fact that institutions will continue paying risk adjustedprices in the 4% range for core assets,“ he says. That is also truefor other select submarkets--and even other types of investments,so long as they are in the multifamily asset class, he goes on toadd.