Clarion Partners and Kettler entered a joint venture to develop The Acadia at Metropolitan Park, a 19-story, 411-unit class-A apartment complex in Pentagon City, N.V. The development will cost approximately $154 million.
The Acadia will join two existing luxury high-rise buildings previously developed by the partners: The Gramercy and The Millennium. When the new building is completed, the complex will become known as Metropolitan Park. The Acadia will also be located one block away from Pentagon City Mall and Metro Station, and in close proximity to Reagan National Airport.
Clarion Partners’ researchers project that rents in the Pentagon City submarket will grow approximately 3.7 percent over the next five years. The vacancy rate in the area is currently at 4 percent.
“The Washington, D.C. corridor has been one of the best performing markets in the nation over the last several years, and we believe that the fundamentals are in place to support further growth,” said Marc C. Deluca, managing director with Clarion Partners, in a statement. “We are delighted to have the opportunity to partner with Kettler in this very exciting project.”
The Acadia will be LEED Silver-certified. It will feature a mix of studio, one-bedroom and two-bedroom apartments and 16,350 sq. ft. of ground floor retail and restaurants. Amenities at the property will include a fitness center, a tech lounge, a conference room, a rooftop lap pool, a sky lounge with gaming area and demonstration kitchen.
Clarion and Kettler plan to start work on the project this summer. Completion is scheduled for the first quarter of 2015.