Washington, DC

The Met at Metro Centre will increase the number of apartments in the development to 350.

The company has hired Michael Heneghan to open and run the office.

Molivadas will succeed Michael Ellis in the role, who transitioned to East Markets Lead at the beginning of this year.

This acquisition will grow the REIT's portfolio by 30%, according to CEO William C. Trimble III.

The two-acre property is near the Potomac River in walkable neighborhoods of North Old Town.

LaSalle says that one reason it is rejecting Pebblebrook's offer is because there are significant price risks and uncertainties for LaSalle shareholders.

Costly government regulations include sometimes lengthy approval processes, development standards that go beyond what would ordinarily be done, changes to building codes over the past decade, and OSHA requirements.

The garden apartment property last sold for $125 million in 2012, when it was purchased for renovation.