300-unit apartment building near HQ2 sells for $117 million
Dweck Properties Inc. has picked up another multifamily property in Pentagon City, not far from where Amazon.com Inc. (NASDAQ: AMZN) is settling into its second home. The acquisition, from an affiliate of Equity Residential (NYSE: EQR), is the second big apartment deal in the same general area in two months, following the sale of the 534-unit Meridian at Pentagon City in May for $228 million to a joint venture of Polinger Development Co. and an unidentified institutional investor. Commercial real estate research firm Delta Associates projects Amazon’s arrival will create demand from about 6,600 HQ2 employees seeking apartments or condos in the D.C. area by 2030, the majority of them in or near Pentagon City, a figure that increases to 9,900 at full build-out by 2034.
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