Executive Summary
On behalf of Dweck Properties, Berkadia is pleased to present the sale of Park at Pentagon Row (the “Property”), a 298-unit market rate community located in the heart of Arlington, Virginia’s National Landing submarket. National Landing has established itself as the most sought-after submarket in the DC Metro Area due to the high levels of projected rent growth, population growth, and employment growth, as well as renter demand that drastically outpaces multifamily supply. The Property is one block from Amazon’s HQ2, which currently employs 8,000 in-office employees and is expected to employ 25,000 by 2032 with an average salary +$150,000. In addition to Amazon, the Property sits adjacent to the Fashion Centre at Pentagon City, offering 164 retailers and restaurants and one of Northern Virginia’s premier shopping experiences.
Residents are hyper-connected with a 4-minute walk to the Pentagon City Metro station offering Blue and Yellow line access. Residents are 1 stop to Reagan National Airport, 1 stop to the Pentagon, 2 stops to the newly opened Potomac Yard station, 2 stops to the Rosslyn-Ballston Corridor, and 4 stops to Downtown DC. The Property sits just minutes away from I-395, providing access to one of the area’s largest arterial roadways. With such seamless connectivity, residents will have optimal accessibility for employment and entertainment. Looking forward, these prospects will only continue to improve as Amazon opens Phase II of HQ2, VA Tech opens their Innovation Campus at Potomac Yard (2025), multi-billion dollar National Landing infrastructure investment takes form, and monumental Sports $2 Billion Entertainment District brings the Washington Capitals, Washington Wizards and over 22,000 jobs to Potomac Yard (2028).
Built in 1990, Park at Pentagon Row offers a unique opportunity to implement an in-unit value-add strategy, as one third of the units are currently renovated and achieving an average premium of $370. With rents well below market, the Property benefits from the opportunity to realize substantial rental upside among micro market comparable properties. The Property is also being offered well below submarket replacement cost and is optimally positioned to capitalize on National Landing’s rapid growth.
801 15TH STREET S | ARLINGTON, VA 22202
BRIAN CRIVELLA
Senior Managing Director
301.580.6685
brian.crivella@berkadia.com
YALDA GHAMARIAN
Senior Director
240.462.2332
yalda.ghamarian@berkadia.com
BILL GRIBBIN
Senior Director
301.580.6486
bill.gribbin@berkadia.com
INVESTMENT SALES
DC METRO
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
CONTACT US
Investment Highlights
91
Walk Score
298
Market Rate
UNITS
1990
year built
+$125,000
Median Household Income
ADJACENT TO
Pentagon City Metro
67%
Unrenovated Units
Outdoor Green Terrace with Fire Pit
and Lounge Area
Grilling Stations and
Outdoor Dining Area
Resort-style Swimming Pool with Surround Sun Deck and Cabanas
Spacious On-site Dog Park
Spacious light-filled floor plans with #’ ceiling heights
Quartz countertops and light-colored tile kitchen backsplash
Modern kitchen fixtures and Stainless-Steel Appliances
Light-colored wood plank flooring in kitchen and living areas
Ceramic tile flooring in bathrooms and glass door walk-in showers in select units
Full-sized washer / dryer in all units and large walk-in closets in select units
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801 15TH STREET S | ARLINGTON, VA 22202
4445 Willard Ave | Suite 1200 | Chevy Chase, MD 20815
BRIAN CRIVELLA
Senior Managing Director
301.580.6685
brian.crivella@berkadia.com
YALDA GHAMARIAN
Senior Director
240.462.2332
yalda.ghamarian@berkadia.com
BILL GRIBBIN
Senior Director
301.580.6486
bill.gribbin@berkadia.com
INVESTMENT SALES
DC METRO
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
CONTACT US
PROVEN VALUE-ADD POTENTIAL
67% of the units have renovation upside and current Ownership has proven an average renovation premium of $370/mo, which has additional upside due to the delta between nearby similar vintage assets ($500+) and the newly delivered Class A assets ($1,000+).
Bar Area and Catering Kitchen
Resident Lounge
Resident Club Room
Co-Working Spaces Throughout
Fully-Equipped Fitness Center
Bike Storage and
Maintenance Room
Pet Spa
Spin Room/Yoga Studio
indoor
amenities
outdoor
spaces
CORE FUNCTIONALITY
The Property’s 1990 vintage, rooftop amenity space and vented washer/dryers position Park at Pentagon Row as a core asset. Additionally, Ownership has recently spent nearly $4 million in capital expenditures to modernize common areas, roofing, and HVAC system.
SURROUNDED BY WORLD-CLASS DEMAND DRIVERS
Park at Pentagon Row is at the nexus of several ultra high-level employers, as it is one block to Amazon’s HQ2, a 4-minute drive to the Pentagon, and a 5-minute drive to Boeing.
IDEAL RENTER DEMOGRAPHICS
Median Household Income of +$125,000, 84.1% with a BA Degree or Higher, and 81% renter population within a 1-mile radius of the Property. These exceptional demographics reflect the concentration of high-paying employment opportunities in the Property’s immediate vicinity.
EPICENTER OF LOCAL AND REGIONAL INVESTMENT
National Landing is the subject of multi-billion dollar infrastructure and transportation expansion and revitalization with the goal to improve walkability and quality of life.
OFFERED BELOW REPLACEMENT COST
Park at Pentagon Row is being offered well below replacement cost in one of the most exclusive submarkets in the DC Metro area. Current submarket replacement costs are $450,000-$500,000 per unit.
METRO ANCHORED LOCATION
The Property is adjacent to the Pentagon City Metro station as well as I-395, allowing for optimal exposure to the DC Metro’s arterial transit ways and employment corridors.
A TRUE LIVE, WORK, PLAY OFFERING
The Property is walking distance from over 1M SQ FT of retail, entertainment and dining. Additionally, the Property is adjacent to 18-acre Virginia Highlands Park and multiple bike trails, providing residents and their pets with expansive outdoor recreation.
THE LOCATION
PHOTO GALLERY
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
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$400+
Proven Value-Add Upside
One Block TO
Amazon’s HQ2
Four Minutes TO
THE Pentagon