Korman Comes to Washington Area With $25.5M Buy

ARLINGTON, VA-The Atherton, the 123-unit residential property at 880 N. Pollard St., has gotten a new owner with Korman Communities’ recent purchase of the property from LNR Property Co. in a $25.5-million deal. Based in Plymouth Meeting, PA, Korman has also renamed the apartment complex as Korman Communities Arlington. The transaction marks the company’s first plunge into the Washington, DC-area multi-family market.

It was just last year that developers wrapped up construction on the apartment project, and now Korman will add its touch to the property with the addition of a business center, multi-media room, and retail space. “The property represents the finest multi-family property in its market, and is a wonderful fit to our growing portfolio,” Korman president Bradley J. Korman says. Different brokers from Insignia/ESG represented separately the buyer and the seller in the transaction.