Co-development venture closed for The Kirkwood development in Arlington
JLL Capital Markets arranged the joint venture between Promark Partners, Eleventh Street Development and Mill Creek Residential for the to-be-built apartments
WASHINGTON D.C., November 23, 2020 – JLL Capital Markets announced today that it has closed the co-development joint venture for the development of The Kirkwood, a to-be-built multi-housing property in the Clarendon neighborhood in the heart of the Rosslyn-Ballston Corridor in Arlington, Virginia.
JLL worked on behalf of a partnership between Promark Partners and Eleventh Street Development, the owners of the site, to arrange the joint venture with Mill Creek Residential.
Anticipated for completion in 2023, The Kirkwood will consist of 270 studio, one-, two- and three-bedroom units. All apartments will feature modern kitchens equipped with stainless-steel appliances, luxury vinyl flooring throughout and full size in-unit washers and dryers with select units offering balconies, patios and terraces. The Kirkwood will also be pet-friendly, LEED Silver Certified and will have desirable community amenities such as a spacious outdoor courtyard with a variety of social nodes for grilling, sunbathing and exercise; fitness center with a yoga and spin room; clubroom with private resident sports bar; flexible work-from-home arrangements including integrated wi-fi technology; pet spa; and electric vehicle charging stations.
The property is located at 3411, 3415 and 3421 Washington Blvd. and 1122 N. Kirkwood Rd. in a quaint neighborhood in the heart of Arlington. For those seeking nightlife and entertainment within reach, various bars and restaurants in the vibrant Rosslyn-Ballston Corridor, where the famously-known live-work-play neighborhoods of Clarendon and Ballston sit, are just a short walk away. Centrally positioned, The Kirkwood offers easy commuting options via public transit or car to various employment hubs in the Greater Washington, D.C. metropolitan area. Additionally, the Northern Virginia area is becoming a major economic driver, accounting for about 76% of the jobs to the Washington, D.C. metro area.
The JLL Capital Markets team representing the property owner was led by Executive Managing Director Stephen Conley, Managing Directors Walter Coker and Brian Crivella and Director Robert Jenkins.
“Kirkwood represents a unique opportunity for JLL to have brought three development firms together in a very difficult environment to build what will be one of the premier stick-built apartment communities in the Clarendon submarket,” said Coker.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.