Goldstar Group Buys Luxury Extended-Stay Apartments in Arlington, Plans Conversion into Condos
- Jun 03, 2014
The Goldstar Group, a privately held firm based in Bethesda, is the new owner of the luxury apartment complex at 3409 Wilson Blvd. in Arlington. The property was purchased from a joint venture between Hunt Properties — a privately held real estate development, investment and management firm — and Korman Communities — a fully integrated real estate company — for an undisclosed amount.
3409 Wilson Blvd. is an eight-story building. It was constructed in 2006, in the Virginia Square neighborhood, between Ballston and Clarendon. The Virginia Square station on the Metro’s Orange Line is located just two blocks away.
The property has 92,288 square feet of space and offers 85 apartments. The units are all equipped with stainless-steel appliances, granite countertops, hardwood floors and floor-to-ceiling windows. Community amenities include a state-of-the-art fitness center, a resident lounge, an executive board room, a rooftop terrace and a parking garage. The property also features 2,638 square feet of on-site retail space.
CBRE Capital Markets represented the seller. The CBRE team consisted of William Roohan, Andrew Boyer, Michael Muldowney, Jonathan Greenberg, Michael Rudolph, Brian Margerum, Martha Hastings, Bret Kampf and Adam Dunn.
“This property is a great boutique asset currently operating as an extended-stay corporate residence,” Andrew Boyer, executive vice president of the CBRE Washington/Baltimore multi-housing team, said in a statement for the press. “Goldstar Group is planning to convert the units into condominiums in a market with the lowest supply of new condos available in over a decade.” Currently, most condo projects in the District have less than 50 units and are unable to meet the growing demand.
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