WASHINGTON, DC-The last forty-eight hours have been unusually good for the DC area. Recent news includes an office trade in the District’s East End, the planned start of an Arlington apartment building, a major infrastructure project and a portfolio sale further south.

For the local real estate community, perhaps the most exciting transaction is the trade of Akridge’s 700 6th St., NW. US Premier Office Equities, a fund sponsored by USAA Real Estate Co., closed on the 300,000-square foot building, for which Akridge will continue to manage and provide leasing services. The LEED Platinum-certified building is more than 90% leased, largely to law firms.

The two companies began negotiations for the building last winter, according to a press release by Akridge. "This asset met all of our criteria for a DC office investment," Pat Duncan, chairman and CEO of USAA Real Estate, said in a statement. "It was designed to meet the green priorities of forward-looking users and to match Washington's aesthetics; it's centrally located in a thriving neighborhood; and it will soon be fully leased." Earlier this month USAA Real Estate acquired 1100 and 1101 4th St., SW at Waterfront Station, for $365 million.

Then there is Washington Real Estate Investment Trust’s 90% stake in a new mid-rise apartment building set to be developed in Arlington, VA. While development has become more common in the DC area, projects are still few enough to warrant attention. In this case, the REIT is partnering with Crimson Partners to build the six-story, 150 unit, 37,000 square feet project, for a price tag of $43.5 million.

It will be located at the corner of North Glebe and North Carlin Springs roads, across the street from Ballston Common Mall. Its projected stabilized return on cost between 7% to 8%. Construction is scheduled to begin in second quarter 2012.

Although WRIT is the majority owner, the project was Crimson’s baby. The firm identified the site nearly three years ago, changing its use to multifamily along the way, according to a statement from Christian Chambers, partner with the firm. Crimson is also part of a partnership group that is buying 73 acres of land in Cambridge, MD, with plans to wholesale lots to homebuilders.

Skanska USA also made news on Thursday with an announcement that its civil business unit has signed a contract to design and build a $331 million wastewater overflow tunnel in the city. The project is a joint venture between Traylor Brothers, Skanska and Jay Dee construction companies. Skanska’s share of the project is 25%. The project is the first in which it will use the earth balance pressure method, a technique utilized in excavating tunnels through soft ground below the water surface in an urban environment. It will start later this month and is expected to be completed in August 2015. The project entails building 24,200 lineal feet of a pre-cast concrete tunnel under the Potomac and Anacostia rivers to treat sewer overflow at the Blue Plains Waste Water Treatment plant.

Further south, in Richmond, Apple REIT continues to gobble hotel properties. Its latest deal, according to published news reports, is the purchase of a 509-room portfolio for $62.5 million from the McKibbon Hotel Group. The assets are located throughout the southeast.