Berkadia Secures $40.6M in Acquisition Financing and Completed the Sale for 162-Unit Multifamily Property in Arlington, Virginia
ARLINGTON, VIRGINIA – May 9, 2024 – Berkadia announced today the financing and sale of Marlowe Apartments, a 162-unit, high-rise multifamily property in Arlington, Virginia. Senior Managing Director Patrick McGlohn, Managing Director Brian Gould, Senior Director Miles Drinkwalter, and Associate Pat Cunningham of Berkadia DC Metro, secured $40.6 million in acquisition financing on behalf of the buyer, D.C.-based The FORTIS Companies.
“The asset’s prime location next to Amazon HQ2 combined with the sponsor’s thoughtful value-add renovation plan generated significant lender interest across various financing sources,” said Gould. “Congratulations to the FORTIS team on the successful acquisition.”
The financing closed on May 6 in conjunction with the sale of the property. Berkadia DC Metro Institutional Sales, led by Senior Managing Director Brian Crivella and Senior Directors Yalda Ghamarian and Bill Gribbin, facilitated the sale on behalf of an undisclosed seller.
Built in 1987, the property is conveniently located directly across the street from Amazon’s recently completed HQ2, Metropolitan Park. HQ2 currently employs over 8,000 individuals with salaries exceeding $150,000 per year, and this number is projected to grow to 25,000 individuals by 2032. The property also offers a unique advantage as it is directly connected to the Crystal City Metro Station (Blue/Yellow line). This convenient access allows for quick commutes to major employment areas such as the Pentagon (4-minute ride), Rosslyn-Ballston corridor (8-minute ride), George Washington University (12-minute ride), and Downtown Washington, D.C. (15-minute ride). The strong employment connectivity has resulted in favorable renter demographics.
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