The specific cost of the acquisition has not been released; Arlington County's Department of Real Estate Assessments shows the property's current assessed value to be approximately $30 million. Corus Bank supplied the funds.

Consisting of nearly 265,000 sf, including a garage to accommodate 350 vehicles, Metropolitan was developed by KSI in 2003. The complex carries the address of 2311 South 25th St., and sits along Interstate 395 on a parcel that had been home to the Pentagon City Hospital. But after its short life of offering units for rent, the property is about to make the move to the increasingly hot condo market and offer the units for sale.

"We're not seeing a lot of apartment developments," Robert Brosnan, division chief of the Arlington Department of Community Planning, Housing & Development's Planning Division. "There are a large number of residential projects and they're almost all condominiums. We haven't seen a lot of conversions, but we expect them to be very strong in the future."