For the first time, Pembroke is entering the U.S. multifamily market. And it will take place in Arlington, Virginia, as the real estate firm announced it has purchased an apartment community, Fitzroy for an undisclosed price, as the firm looks to continue playing offense in the new year.
The nine-story building in total features 267 units, with offerings ranging from studios to two-bedroom apartments. Located in the Clarendon neighborhood, Fitzroy is known for its lifestyle amenities, which include a pool deck, co-working pods, social areas, bike storage, and electric vehicle stations.
The area surrounding the LEED Gold Certified building features restaurants, stores, trails, and parks. Plus, public transportation can take residents to Washington D.C. Currently, Fitzroy is at 96 percent occupancy.
"With office properties in central D.C. that are home base for thriving businesses, we're looking to leverage our learnings: people want to work and live in thoughtfully designed spaces that provide a wide range of amenities and conveniences," said Max Timmons, director for Pembroke in Washington, D.C.
"There's great demand for residential properties like Fitzroy that offer residents an easy commute, sustainable attributes and robust amenities to live life well. We're delighted to add this high-quality multifamily asset to our collection of renowned properties in the world's leading cities."
While this marks the first asset focused on multifamily for Pembroke, it manages multiple mixed-use office properties. This includes in major cities such as Boston, Seattle, and overseas including Munich, Sydney, and Tokyo.
Right now, Pembroke, which has offices in Washington D.C., Boston, San Francisco, and international markets, sees the opportunity to take advantage of local opportunities. Jack Clark, senior vice president and head of investments at the firm noted that the supply isn't meeting the demand in the residential space in "the world's most sophisticated cities."
"A differentiator for us is that we're uniquely positioned to move quickly with acquisitions like Fitzroy, because we're able to close deals all cash and finance opportunistically later," Clark said.
"2025 will be a transformative year for Pembroke as we continue to look for the right residential properties in the right places to add to our global portfolio."