WASHINGTON, DC – JLL Capital Markets announced today that it has closed the sale of 1221 and 1331 S. Eads St., a 534-unit, value-add multi-housing community in Arlington, Virginia.
JLL marketed the property on behalf of the seller, a partnership between Polinger Development Co. and State Street Global Advisors, and 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 community amenities include fully revitalized lobbies and plazas in addition to an upgraded office leasing space, fitness center, coworking area and dog run.
The property is situated across the street from Metropolitan Park and Pen Place, the future homes to Amazon HQ2 and over 5 million square feet of Amazon office space and retail. The property is also a 10-minute drive from Virginia Tech’s Innovation Campus, a $1 billion development expected to graduate 10,000 students with master’s degrees in computer science over the next 20 years. Additionally, infrastructure spending in National Landing totaling $5 billion will contribute to local conveniences such as an additional Crystal City Metro entrance, advancements to Route 1 and the creation of an airport pedestrian bridge to Reagan National Airport.
The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Directors Robert Jenkins and Bret Thompson and Executive Managing Director Matthew Lawton.
The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Kris Lowe, Senior Managing Director Jamie Leachman and Director Amit Kakar.