ARLINGTON, VA—Goldstar Group is acquiring a luxury apartment building located at 3409 Wilson Blvd., with plans to convert the 92,288-square foot property into a condo.
CBRE's William Roohan, Andrew Boyer, Michael Muldowney, Jonathan Greenberg, Michael Rudolph, Brian Margerum, Martha Hastings, Bret Kampf and Adam Dunn represented the seller in the transaction, a joint venture between Hunt Properties and Korman Communities. The property has traded for an undisclosed amount.
The property is currently operating as an extended-stay corporate residence. Goldstar Group is planning to convert the units into condominiums, according to Boyer.
The eight-story building was built in 2006 and includes 2,638-square-feet of on-site retail space.
Located in the Virginia Square neighborhood between Ballston and Clarendon, 3409 Wilson Blvd. is located two blocks from the Virginia Square station.
Goldstar's condo conversion play comes at an ideal time. A recent report from Delta Associates finds that the shortage of new condo product continues to hamper the Washington metro area condo market from more impressive sales volume. With less than 10 months of supply, there are simply too few new units available in the market, the report said.
"The metro area is currently experiencing a phenomenon where there is an oversupply of rental apartment units and an undersupply of condo product," Delta said.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
