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| Meridian at Pentagon City Apartments 1221 and 1331 South Eads Street, Arlington, VA |
WASHINGTON, D.C. – May 14, 2019 – Holliday Fenoglio Fowler, L.P.
(HFF) announces it has closed the $228 million sale and $126.9 million
financing of Meridian at Pentagon City, a 534-unit, two-tower multi-housing
property in Arlington, Virginia.
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| Walter Coker |
HFF marketed the property exclusively on behalf of the seller, a joint
venture between Paradigm and a fund advised by the UBS Asset Management Real
Estate & Private Markets – U.S., and procured the buyer, a joint venture
between Polinger Development Co. and an unidentified institutional investor.
In addition, HFF worked on the new owner’s behalf to arrange fixed-rate
acquisition financing through MetLife Investment Management.
Meridian at Pentagon City is located at 1221 and 1331 S. Eads Street
adjacent to Amazon’s forthcoming 4.1 million-square-foot headquarters
office.
In addition, the 95-percent-leased property is walkable to metro
service and the Pentagon and is across the street from a Whole Foods Market and
within a one-mile radius of an additional 1.9 million square feet of retail.
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| Brian Crivella |
The property consists of two high-rise towers encompassing a mix of studio,
one- and two-bedroom units averaging 846 square feet as well as two parking
garages totaling 524 spaces.
In addition to its premier location and
spacious units, the property also features two rooftop pools, two expansive
outside terraces with grilling areas, an 18th-floor clubroom with views of the
Capitol, a fitness facility, dog park, clubroom with gaming area, business
center, guest suite accommodations, concierge service and a 24-hour front desk.
The HFF investment advisory team included Walter Coker, Brian
Crivella, Stephen Conley and Matthew Lawton.
HFF’s debt placement team was led by Jamie Leachman.
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| Stephen Conley |
About Paradigm
Paradigm was formed in 1991 and is headquartered in Arlington,
Virginia.
Paradigm has developed over 10,000 apartment units and
currently manages over 7,000 apartment units with a preponderance of these
units being luxury mid- and high-rise units, most of which are in the Metro
Washington, D.C. area.
Paradigm’s business strategy has fundamentally
been to provide excellent customer service to its residents while enhancing the
value of the assets for its owners/institutions.
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| Jamie Leachman |
About Polinger Development
Polinger Development is an affiliate of Polinger Company, a fully
integrated real estate organization that creates exceptional value for its
investors and equity partners, while providing high-quality life/work
environments for residents and corporate tenants.
Polinger Company has 70
years of experience in residential and commercial real estate in the
Washington, D.C., Maryland and Virginia area.
The company specializes in
acquisitions/development, construction services, and residential and commercial
management.
For more info, please visit https://www.polingerco.com/.
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| Matthew Lawton |
CONTACTS:
WALTER COKER
VA Lic. #0225092459
HFF Managing Director
(202) 533-2500
BRIAN CRIVELLA
VA Lic. #0225188521
HFF Senior Director
(202) 533-2500
JAMIE LEACHMAN
HFF Senior Director
(202) 533-2524
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3403
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