A joint venture between real estate developer Paradigm Development Co. and a fund advised by UBS Asset Management Inc.'s Real Estate & Private Markets sold a 534-unit, two-tower multi-housing property in Arlington, Va., for $228 million.

Meridian at Pentagon City, which is at 1221 and 1331 S. Eads St., was sold to a joint venture between Polinger Development Co. and an unidentified institutional investor. The property is near Amazon.com Inc.'s forthcoming 4.1 million-square-foot headquarters office.