Fitzroy Residential Building In Clarendon Acquired By Pembroke: Report

CLARENDON, VA — Pembroke, the international real estate business, announced on Monday that it had acquired the 9-story, 267-unit Fitzroy building in Clarendon.

“Fitzroy was designed with thoughtful lifestyle amenities that create a sense of community including a roof deck with pool, beautifully designed social areas, co-working pods to accommodate the hybrid workforce, on-site concierge, extensive bike storage and EV parking stations,” according to a Pembroke release.

Opening in October 2023 at 3275 Washington Blvd., Fitzroy is 96 percent occupied and situated close to neighborhood offices, parks, walking trails, restaurants, shops and public transportation. It is also LEED Gold Certified.

“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 at 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.”

Fitzroy marks Pembroke’s first residential acquisition in the U.S., as the company seeks to diversify its portfolio globally. The company already has mixed-use and office properties such as Boston, London, Munich, Melbourne, Seattle, Sydney and Tokyo.

“Supply is not keeping up with demand for high quality residential properties in coveted neighborhoods in the world’s most sophisticated cities,” said Jack Clark, Pembroke’s senior vice president and head of investments. “Targeting investment in multifamily and BTR [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."

Pembroke’s difference is that it is positioned to move quickly with acquisitions like Fitzroy because they can close deals all cash and identify finance opportunities later, Clark added.

“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,” he said.