Pembroke Acquires Virginia Community for $158M
This marks the company's first U.S. acquisition.
In its first U.S. multifamily acquisition, real estate company Pembroke has acquired the Fitzroy in Arlington, Va., for $158 million. The acquisition reflects the company’s strategy to diversify its portfolio in cities where it also has mixed-use and office properties.
Completed in 2023 and LEED Gold Certified, the 10-story property is located at 3275 Washington Blvd. in Arlington. Its 267 units are offered in a mix of studio, one- and two-bedroom floor plans. Apartments feature in-unit washers/dryers, air conditioning and dishwashers.
Common-area amenities include a work-from-home lounge with coworking pods, a fitness center, a rooftop deck with a pool, a private sky terrace, on-site personalized concierge services, bicycle storage and EV parking stations.
Berkadia’s Brian Crivella, Yalda Ghamarian and Bill Gribbin facilitated the transaction.
Convenient access
Residents of Fitzroy are an approximately 15 minutes drive away from either Downtown Washington, D.C. or Alexandra, Va. Ronald Reagan Washington National Airport is proximate. The property is located in the Clarendon/Courthouse enclave, featuring parks, walking trails, restaurants, shops and public transportation. In addition, the neighborhood is known as the nightlife capital of the Arlington area.
The Clarendon enclave offers a mix of high-end single-family homes and luxury apartments. Multiple Metro stops in Clarendon make this an optimal neighborhood for commuters enroute to and from Washington, D.C. who prefer a suburban home feel.
Four universities, including George Mason University, Arlington and Georgetown University, are situated within one-third to 4.5 miles of Fitzroy. The Crossing Clarendon, Shops at Lyon Park and Lyon Village offer shopping within a 9- to 17-minute walk. Area parks and recreational venues include Cherry Valley Park, Fort Bennett Park and Palisades Trail, Fort C.F. Smith Park & Historic Site and Ballston Beaver Pond Park, all within one to six miles of Fitzroy.
Last month, JBG Smith made news when it announced interest in an Arlington office-to-residential conversion. If approved, the adaptive reuse process would transform two vacant buildings into a roughly 200-unit community and a 330-key hotel.
