Arlington Apartment Building Sells For $108M
Caruthers Cos. acquired the Pike 3400 apartment building Aug. 11 for $107.8M, according to Arlington property records and first reported by the Washington Business Journal.
The sale of the 257-unit apartment building with 15K SF of retail pencils out to roughly $419K/unit. Walker & Dunlop represented the seller in the deal, Penrose Group.
An Arlington-based family real estate business founded in 1949, Caruthers Cos. this week sold the 2,311-unit Southern Towers property in Alexandria for $506M. It sold the property in partnership with Snell Properties, and CBRE brokered the sale of the complex to CIM.
Penrose developed the Pike 3400 apartment building was in 2015. Sitting at the intersection of Columbia Pike and South Glebe Road, the project replaced an old car dealership. It also included a 48-unit townhouse component.
The apartment building's retail tenants include Chipotle and CycleBar. Its amenities include two courtyards, a rooftop lounge, a clubroom and a fitness center. It also has a 315-space parking garage.