Caruthers Caps Busy Week with $107M Arlington Apartment Acquisition
Caruthers Companies has acquired Pike 3400, a 257-unit apartment building in Arlington, Va., from the Penrose Group for $107 million.
Walker & Dunlop Investment Sales represented the seller in the deal.
“Pike 3400 is located in a great submarket in Arlington with easy access to the new Amazon HQ2,” Chris Doerr, Walker & Dunlop’s managing director, told Commercial Observer. “The property is also an ideal size.”
Penrose developed the building back in 2015. The property also contains 15,000 square feet of retail, currently occupied by Chipotle, Cafe du Parc and CycleBar.
The news, first reported by the Washington Business Journal, comes the same week that the Arlington-based buyer sold its interest in the 2,311-unit Southern Towers apartment complex in Alexandria for $506 million.
Located at 3400 Columbia Pike, on the corner of Glebe Road and Columbia Pike, Pike 3400 is near the Clarendon Metro, Virginia Square Metro and Pentagon City Mall. It’s also near the W&OD Park and Four Mile Run bike trails.
“The location added to Pike 3400’s appeal because it is close to everything,” Doerr said. “Being right on Columbia Pike, it offers quick access to downtown Washington, D.C., but also a discount to comparative offerings in the Rosslyn-Ballston corridor.”
The six-story, pet-friendly building offers studio and one- and two-bedroom apartments, and includes two courtyards, a rooftop lounge, a clubroom and a fitness center. It also has a 315-space parking garage.