Berkadia announced today the successful financing and sale of Marlowe Apartments, a 162-unit multifamily property located in Arlington, Virginia. The financing, totaling $40.6 million, was secured by Senior Managing Director Patrick McGlohn, Managing Director Brian Gould, Senior Director Miles Drinkwalter, and Associate Pat Cunningham of Berkadia DC Metro, acting on behalf of the buyer, The FORTIS Companies based in Washington, D.C.
Gould remarked, “The property’s strategic location adjacent to Amazon HQ2, coupled with the buyer’s comprehensive renovation plan, attracted significant interest from various financing sources. Congratulations to The FORTIS Companies on their acquisition success.”
The financing deal closed on May 6 concurrently with the property sale. Berkadia DC Metro Institutional Sales, led by Senior Managing Director Brian Crivella and Senior Directors Yalda Ghamarian and Bill Gribbin, facilitated the sale for an undisclosed seller.
Constructed in 1987, Marlowe Apartments enjoy a prime location directly opposite Amazon’s recently completed HQ2, Metropolitan Park. With over 8,000 employees currently and a projected increase to 25,000 by 2032, HQ2’s presence enhances the property’s appeal. Additionally, Marlowe Apartments boast direct access to Crystal City Metro Station (Blue/Yellow line), providing swift connections to key employment hubs like the Pentagon, Rosslyn-Ballston corridor, George Washington University, and Downtown Washington, D.C. This convenient connectivity has led to favorable renter demographics.
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By Proptechbuzz
By Ravi Kumar