ARLINGTON, VA-ING Clarion has acquired a core multifamily property here--the Millennium at Metropolitan Park--for $118.5 million on behalf of one of its investment funds. The Millennium, an 18-story, 300-unit, building that also includes 7,800 square feet of ground floor retail space, was developed by Kettler.

In a prepared statement, ING Clarion said that it likes the submarket’s demographics, with above-average growth in population and median household income. It did not return a call to GlobeSt.com in time for publication. Other trends in the area that ING pointed to include a population that is expected to expand by 1.2% annually for the next several years, annual employment growth of 2.3% and a median household income that is currently 73% above the nationwide number.

For these reasons, demand for properties, especially multifamily, are high here, Ari Firoozabadi, the locally based vice president of investments at Marcus & Millichap’s Real Estate Investment Services, tells GlobeSt.com. “Millennium at Metropolitan Park is a best-of-class asset and the deal re-asserts the fact that institutions will continue paying risk adjusted prices in the 4% range for core assets,“ he says. That is also true for other select submarkets--and even other types of investments, so long as they are in the multifamily asset class, he goes on to add.