Arlington Multifamily Adjacent to Amazon HQ2 Swaps Ownership
JLL has closed the sale of 1221 and 1331 S. Eads St., a 534-unit, value-add multi-housing community in Arlington, VA.
Robert Jenkins, Bret Thompson and Matthew Lawton of JLL represented the seller, a partnership between Polinger Development Co., and State Street Global Advisors. In addition, Kris Lowe, Jamie Leachman and Amit Kakar of JLL secured acquisition financing on behalf of the new owner.
With only 10 percent of the units renovated, the property provides a premier value-add opportunity.
The property is situated across the street from Metropolitan Park and Pen Place, the future homes to Amazon HQ2 and over five million square feet of Amazon office space and retail. The property is also a 10-minute drive from $1-billion Virginia Tech’s Innovation Campus. Infrastructure spending in National Landing totaling $5 billion will contribute an additional Crystal City Metro entrance, advancements to Route 1 and the creation of an airport pedestrian bridge to Reagan National Airport.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.