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UIP, Churchill Living Acquire $200M Apartment Tower Near Amazon HQ2
An affiliate of The UIP Companies, Inc., and an affiliate of Churchill Living have acquired The Millennium, a 300-unit multifamily in Arlington, VA for $200 million. The property is located on South Fair Street directly across Metropolitan Park from Amazon’s new HQ2.
The 19-story tower was purchased from Clarion Partners, represented by Bill Roohan of CBRE. UIP Property Management, Inc., will manage the property.
KKR Real Estate Finance Trust placed a $135 million first trust mortgage on the property, and UIP raised $78 million (some of that amount was raised through crowdfunding platform CrowdStreet).
UIP plans to convert the current street-level lobby and office space to 5,000 square feet of new retail space to be operated by an upscale restaurant, which will create an indoor/outdoor café and dining amenity facing the park. Inside, UIP plans a $9 million renovation of the building’s common areas and individual apartments, focusing on high-tech and high-end features.
Photo: Burns Architectural Products
- ◦Sale/Acquisition
