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

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

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