Ralph Dweck Buys Arlington’s Gramercy at Metropolitan Park for $190M
- Apr 30, 2015
Ralph Dweck Properties has acquired a large apartment community in Arlington. The District-based real estate owner paid an impressive $190 million to buy The Gramercy at Metropolitan Park from Clarion Partners.
CBRE’s Washington, D.C., multifamily investment properties team represented the seller in the transaction. In a news release, the commercial real estate company called the transaction ”the highest-priced multifamily sale in the D.C. metro region this year.”
The Gramercy at Metropolitan Park was developed by Kettler, after designs by award-winning architect Robert A. M. Stern. It opened in 2007 as part of a 10-building, 16-acre Metropolitan Park redevelopment project in the Pentagon City area. Clarion purchased the asset in June 2007 from its developer for $200 million.
The property offers 399 studio, one-, two- and three-bedroom units, as well as about 11,000 square feet of retail space. According to RENTCafé, units at The Grammercy range from 564 to 2,145 square feet, with rents starting at $1,795 per month. Community amenities include an outdoor pool, business center, theater, club room, private courtyard and underground parking.
The acquisition of The Gramercy is not the only noteworthy D.C.-area transaction Dweck was involved in this year. In February, the company sold the iconic America’s Square office property to Jamestown LP for $500 million.
Photo credit: CBRE