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UBS JV markets complex near Amazon's HQ2 in Virginia with $210M price tag

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UBS JV markets complex near Amazon's HQ2 in Virginia with $210M price tag

A partnership between UBS Asset Management Inc. and Paradigm Cos. is selling an apartment property near Amazon.com Inc.'s planned headquarters in Arlington, Va., with a reserve price of approximately $210 million, Real Estate Alert reported.

The 95%-leased Meridian Pentagon City complex at 1221 South Eads St. is marketed through HFF Inc. It was developed in stages in 2001 and 2003 and includes two high-rise buildings with 534 units ready for refurbishment. It features concierge service, a fitness center, two rooftop pools, a clubhouse and more than 500 parking spaces in an underground garage, according to the trade publication.

Formerly known as Warwick House, Meridian Pentagon City was acquired by UBS in 2009 from Northwestern Mutual under a $109.5 million deal brokered by First Capital Realty. The expected bid price for the property in the latest divestment would reflect an initial yield in the low-4% range, the Dec. 12 report added.