(Read more on the multifamily market.)

MCLEAN, VA-Local developer Kettler, the former KSI, has acquired 19.6 acres in Pentagon City from affiliates of Vornado Realty Trust for approximately $220.4 million in a two-phase purchase. Kettler just closed on 11 acres for $104.3 million. And plans to purchase the remaining 8.6 acres over the next year.

The developer already owned the ground leases to the two multifamily properties on the acreage and the one that is currently under development. Acquiring the land gives it greater flexibility in financing and future development.

Over the past seven years the company has developed 1,050 high-rise units in the first three phases of a 10-phase project. Two buildings, the Metropolitan at Pentagon Row, which delivered 325 units in 2002, and the Metropolitan at Pentagon City, which delivered 326 units in 2005, are now fully occupied, a spokeswoman at the firm tells Globest.com.

The third, the 399-unit Gramercy at Metropolitan Park, is scheduled to come online in July. No preleasing has been signed yet, she says. “We expect to begin leasing within the next couple of weeks.”

Future phases of development call for an additional 2,183 units.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt. Multifamily Fall 2024Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.