Caruthers Cos. Leads Closing on Pike 3400 in Arlington
Fully stabilized asset in D.C. Metro’s growth corridor with proximity to Amazon HQ2 and VA Tech Innovation Campus offers excellent core-plus investment opportunity.
Arlington, VA. (August 24, 2020) — Caruthers Companies (“Caruthers”) and its partners closed today on the purchase of Pike 3400, a class-A apartment community with ground level retail located at 3400 Columbia Pike in Arlington, Virginia. Caruthers was the partnership lead in pursuit and closing of the acquisition, and will lead management of the asset, on behalf of the ownership group. Walker & Dunlop Investment Sales served as the broker for the transaction representing the seller.
Completed in 2015, Pike 3400 is a six-story building with 257 apartments above 15,363 square feet of neighborhood-serving retail and a 315-space parking garage. Retail tenants include Chipotle Mexican Grill, Amity Nail Spa, CycleBar and SK Eyecare.
“Caruthers has owned and operated several apartment and commercial centers in Arlington for decades and we are pleased to add Pike 3400 to our local portfolio,” said Jim Gladden, Vice President, Finance & Investments of Caruthers Companies. “We believe that this property is well-positioned in a submarket that continues to attract a highly educated workforce that lives, works, and invests in the local area.”
The community offers studio, one-bedroom, and two-bedroom apartments, including floorplans with lofts as well as stacked flats with street-level entrances. Features include luxury finishes such as stainless-steel appliances, tile backsplashes and granite countertops. Resident amenities include a concierge desk, rooftop sundeck with a private dog park, underground parking garage, clubroom, fitness center, and two courtyards with an outdoor kitchen and grill, pool, fire pit, and ample lounge seating.
With a walk score of 88 and just a 9-minute drive to National Landing and the future Amazon HQ2, Pike 3400 also boasts access to ample transportation options and a robust mix of retail, recreation, and entertainment offerings. The community is situated on the bustling Columbia Pike corridor in Arlington, in close proximity to Washington, D.C. and some of the area’s top employers, including the federal government and private-sector businesses such as Amazon, Lockheed Martin, and Nestle.
About Caruthers Companies
Caruthers Companies is headquartered in Arlington, VA, a family real estate business founded by Preston C. Caruthers in 1949. The Caruthers family has been a developer and operator of commercial real estate in Northern Virginia for over seventy years. The portfolio (owned outright or in partnership through its various entities) consists of apartment, retail, office, flex, marina, and 2,650+ acres of developable land.
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