National Landing Multifamily Trades for $200M

ARLINGTON, VA – An affiliate of the UIP Companies Inc. and an affiliate of Churchill Living have acquired a 300-unit multifamily community, located directly across from Amazon’s new HQ2 in Arlington, VA.

The 19-story tower, titled The Millennium, was purchased from Clarion Partners.

For the acquisition, KKR Real Estate Finance placed a $135 million first trust mortgage on the property. In addition to the first trust, UIP Cos. raised $78 million; a portion of which was raised through the crowdfunding platform, Crowdstreet.

Located at 1330 South Fair St., The Millennium was the first of numerous planned residential developments that overlook the two-acre Metropolitan Park. Once Amazon selected National Landing for its new headquarters, the e-commerce retailer initiated plans to spend more than $14 million to renovate the park. Amazon will also bring additional retailers to the first floors of its nearby office buildings.

UIP Cos. plans to implement a $9 million renovation across the building’s common areas and apartment units. The technology-focused renovation will encompass high-end kitchens, spa-like bathrooms with Bluetooth-enabled lighted medicine cabinets, under cabinet lighting, tiled back splash walls, high-end customizable closets, electric roller blinds and more.

UIP Cos. additionally intends to convert The Millennium’s current street-level lobby and office space into 5,000 square feet of new retail space, which will be operated by an upscale restaurant.

Churchill Living will eventually take up to 150 units in the building to service their government and private-sector clients.

“This twelve-year-old asset fits right into the value-add renovations that we do best,” says Steve Schwat, founding principal of UIP Cos. “We are excited about everything Amazon is bringing to the vibrant, fast-growing National Landing community.”

The seller was represented by Bill Roohan of CBRE.