Pembroke has made its first investment in the US multifamily market by acquiring a property in Arlington, Virginia, as part of a global push into the sector.
The nine-storey, 267-unit Fitzroy building was opened in October 2023 and is 96% occupied. It includes lifestyle amenities including a roof deck with pool, social areas, co-working pods, onsite concierge, bike storage and electric-vehicle parking stations, and is LEED Gold certified.
Fitzroy is Pembroke’s first residential acquisition in the US and part of a strategy to diversify its real estate portfolio globally in the cities where Pembroke also has mixed-use and office properties such as Boston, London, Munich, Melbourne, Seattle, Sydney and Tokyo. Last December, Pembroke acquired a residential property in London, The Lark.
Max Timmons, director at Pembroke, said: “With office properties in central [Washington] DC that are a 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.
“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.”
Jack Clark, senior vice president and head of investments at Pembroke, said: “Supply is not keeping up with demand for high quality residential properties in coveted neighbourhoods in the world’s most sophisticated cities. Targeting investment in multifamily and build-to-rent properties in the cities where our mixed-use and office buildings are located allows Pembroke to leverage this opportunity and our team’s local expertise.
“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 would 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”.
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