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National   /   May 15, 2019

Dennis Kaiser
By: Dennis Kaiser

Paradigm, UBS JV Divests D.C.-Area MF for $228M to Polinger Partnership

A joint venture between Paradigm and a fund advised by the UBS Asset Management Real Estate & Private Markets – U.S. sold Meridian at Pentagon City in Arlington, VA. A JV between Polinger Development Co. and an unidentified institutional investor paid $228 million for the 534-unit, two-tower multi-housing property.

The asset is located at 1221 and 1331 S. Eads St., adjacent to Amazon’s planned 4.1 million-square-foot HQ office. The property encompasses a mix of studio, one and two-bedroom units. Features include two rooftop pools, two expansive outdoor terraces with grilling areas, an 18th-floor clubroom with views of the Capitol, a fitness facility, dog park, clubroom, business center, guest suite accommodations, concierge service and a 24-hour front desk.

HFF’s Walter Coker, Brian Crivella, Stephen Conley and Matthew Lawton marketed the property exclusively on behalf of the seller. An HFF debt placement team led by Jamie Leachman also arranged $126.9 million in financing.

Connect Apartments is planned next month in Los Angeles. You can get more information and register to attend on this link.

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Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience.
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