CHICAGO--(BUSINESS WIRE)--Waterton, a U.S. real estate investor and operator, today announced the acquisition of a 404-unit rental community in Arlington, Va., approximately 3 miles southwest of the Pentagon.
Built in 1992 and formerly known as Windsor at Shirlington Village, the property at 3000 S. Randolph St. is being rebranded as The Citizen at Shirlington Village following Waterton’s acquisition. Offering a mix of one-, two- and three-bedroom floor plans – 132 units in an eight-story tower and 272 in a low-rise component – the community is located within The Village at Shirlington, a small transit-oriented neighborhood with a host of shopping, dining and entertainment options.
“The Citizen offers the walkable, urban-inspired lifestyle many renters seek in an accessible location close to the Pentagon and jobs throughout the D.C. metro,” said Matthew Masinter, senior vice president of acquisitions at Waterton. “Because the property was developed 25 years ago, it also presented us with an opportunity to add value through strategic improvements that will enhance the marketability of the community.”
On-site amenities at The Citizen include an outdoor pool, grilling stations and five courtyard areas, as well as a resident clubhouse, reservable community room, 7,000-square-foot fitness center and racquetball court.
As part of a capital improvement program, Waterton plans to upgrade the unit interiors, including installing a smart-home system in a portion of the community’s units. In addition, Waterton plans to renovate the fitness center and community room and enhance the outdoor amenity space. Waterton will also introduce an electronic package concierge system that will notify residents when deliveries arrive and facilitate 24-hour pickup in a secure, video‐monitored location.
“When Waterton renovates a property, we strongly consider convenience and strive to go above and beyond cosmetic improvements,” said Masinter. “Today’s renters want homes that are seamlessly integrated with their lives. Technology is one way to achieve that, starting with the moment they open their front door.”
In addition to offering proximity to Interstate 395 and other nearby expressways, The Citizen is adjacent to Shirlington Station, a transfer point for Metrobus and ART bus service. Routes include weekday express service to the Pentagon Metro station, which connects to the Yellow and Blue rail lines.
Also nearby is a dog park and children’s playground, as well as Four Mile Run, a 9.4-mile stream bordered by parklands and a pair of recreational trails: the Washington & Old Dominion Railroad Trail and the Four Mile Run Trail.
The Citizen marks Waterton’s fourth multifamily acquisition in 2017. For more information on The Citizen, call (703) 379-4141 or visit www.thecitizenatshirlingtonvillage.com.
Waterton is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995, Waterton executes value-add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Since its formation, the company has transacted on over $6.2 billion in real estate assets. Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States. As of December 31, 2016, Waterton’s portfolio includes approximately $3.6 billion in real estate assets, including approximately 15,000 multifamily units and 10 hotels. Visit Waterton’s website: www.waterton.com.