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ARLINGTON, VA-Metropolitan at Pentagon Row, a 326-unit luxury apartment high-rise, has traded for $100 million. Equity Residential purchased the building from a Kettler joint venture, for cash. HFF’s Dave Nachison and Alan Davis represented Cornerstone Real Estate Advisors in the deal, the national partner in the Kettler JV.

Metropolitan at Pentagon Row is one of many–although certainly among the largest–multifamily sales that have occurred in the DC area within the last few months. Investors are very eager to acquire class A assets here–multifamily in particular, Nachison tells GlobeSt.com. The Metropolitan was no different, attracting a wide range of highly qualified, institutional and liquid buyers. “We had several bidding for the asset that could have paid in all cash,” Nachison says. “It was a very capable group.”

Scarce supply is one reason for the competition that gathers when class A assets do come to market. Nachison attributes that in part to lack of market clarity on pricing. “I think some owners think the market for multifamily is worse than it is.” It is understandable, he said, as price discovery for the DC market post economic crash is still a work in progress. “As people start to trade more, as more deals like the Metropolitan close, the market will get a better sense of where things are.”

Completed in 2004, the 95% leased Metropolitan at Pentagon Row offers studio, one- and two-bedroom units averaging 870 square feet. It’s located at 1401 South Joyce St. in the Pentagon City/Crystal city submarket.

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