ARLINGTON, VA—After acquiring the project site and securing financing for the venture earlier this month, The Penrose Group says it plans to begin construction in June on the Latitude apartment project here.

The Latitude to be built by the Virginia Square Metro will feature two, 12-story buildings at 3601 and 3625 Fairfax Drive that will contain 265 apartments and nearly 6,000 square feet of retail and cultural space. The building is slated for occupancy in late 2016 or early 2017, according to the Washington Business Journal.

The project, which is estimated to cost $114 million to build, received final approval from the Arlington County Board in November. Penrose closed earlier this month on its purchase of the site for approximately $22.5 million, which is believed to be one of the highest prices for a high-rise development assemblage in Northern Virginia, according to ARA Mid-Atlantic Land Services Managing Principal Mark Anstine, who along with colleague Dan Lockard, also a principal at ARA, brokered the sale.