GID Investment Advisers LLC Acquires 244-unit Io Piazza In Arlington, Virginia
Boston, Sept. 7, 2007 — GID Investment Advisers LLC (“GID”) announced today that it has acquired the 244-unit Io Piazza, a luxury high-rise apartment building. The asset, which will be renamed Io Piazza, a Windsor Community, is located in Shirlington Village, one of Arlington, Virginia’s most successful and dynamic mixed-use neighborhoods. The site is located just one block north of East 28th Street, the pedestrian promenade that is home to many cafes, retail shops and cultural amenities. Because of its immediate access to Interstate-395 and proximity to the Pentagon and Reagan Washington National Airport, Shirlington Village provides easy access to the both the District and the Northern Virginia suburbs.
This property, developed by the Ed Peete Company, was recently completed and is now leasing. The 1.33-acre site consists of a 12-story, 244-unit luxury high-rise building. There is an adjacent 334-space structured parking garage. Io Piazza boasts a secured guest lobby with a front desk attendant, a plaza sundeck/terrace, an upscale and modern lounge, a well-equipped exercise room and a state-of-the-art community business center. The units range in size from 690 square feet to 2,242 square feet. Apartment amenities include terraces or balconies, floor to ceiling windows, nine-foot ceilings heights, concrete ceilings, exposed duct work, granite counter tops in the kitchen, stainless steel appliances, modern track and recessed lighting and full size washer and dryer appliances. Some of the units are lofts with 18-foot ceilings.
Bill Chiasson, Vice President of Real Estate Acquisitions for GID commented, “Washington DC and Northern Virginia continue to be high on our list of target markets due to the strong fundamentals exhibited. This well-built, superbly located, class A asset represents an excellent opportunity to increase our depth of exposure to this market. We believe that the continued emergence of Arlington into a dynamic live-work-play center will only enhance Io Piazza’s ability to offer residents apartment living in an exceptional location.”
For more information, contact Bill Chiasson at (617) 854-6631 or bchiasson (at) generalinvestment (dot) com.
About GID: The General Investment & Development Companies (GID) (www.generalinvestment.com), founded in 1960, are privately-held, diversified companies with substantial interests in both residential apartment and other commercial real estate throughout the United States. GID is headquartered in Boston, Massachusetts, and its various affiliates operate nationwide. Over its 46-year history, GID has developed and acquired apartment, condominium, office, research & development and industrial properties. Today, GID and its affiliates’ portfolios are invested in 17 states including over 11,000 apartment homes in 38 properties, 670,000 square feet of suburban office space in seven office buildings and 3.0+ million square feet of flex industrial space in ten business parks. Over the years, GID has developed and/or acquired over 36,000 apartment homes.
