A partnership between Polinger Development Co. and State Street Global Advisors has sold 1221 and 1331 S. Eads St., a 534-unit, value-add multi-housing community in Arlington, Va.
The financial terms and new owner were not disclosed; JLL marketed the property on behalf of the seller 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, co-working 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
