Press Releases
Lease-Up Pace at The Millennium is Nearly Double the Initial Forecast
April 23, 2010 Lease-Up Pace at The Millennium is Nearly Double the Initial Forecast
Lease-up pace at The Millennium at Metropolitan Park, a new 18-story luxury apartment building in Arlington that began leasing in late October, is nearly double the initial forecast, according to Cindy Clare, president of Kettler Management, the company that developed the Millennium and is now providing property management services.
"With less than six months of leasing activity, we already have 58 percent of the Millennium leased and 30 percent occupied" Clare said. "We are excited and gratified with the welcoming and positive reception that this beautiful property with its great location and menu of outstanding features and amenities has received from our residents, neighbors and others. One of the key reasons for this success is the positive impact of the improving economy on urban infill areas such as Pentagon City."
The initial lease-up forecast for this same time period was 35 percent with an occupancy rate of 18 percent.
According to Karen A. Kossow, vice president of sales and marketing for Kettler Management, "people are so excited about the Millennium's healthy lifestyle features such as the non-smoking policy that nearly three out of four residents surveyed responded that being able to live in a smoke-free environment was a strong factor in their decision to choose the Millennium. The designs of the apartments, including the spacious kitchens with granite-topped islands, have also been extremely well received."
The Millennium is among the first apartment buildings to implement a non-smoking policy prohibiting smoking in all common areas, individual apartments, balconies and terraces and within 25 feet of all entry doors.
Other Millennium healthy lifestyle features include a 58,000-square-foot “green roof park” atop the enclosed parking garage, enclosed bike racks, electric car power outlets in the parking garage, easy access to biking and walking as well as to public transportation.
Each apartment includes Energy Star appliances and light fixtures, programmable thermostats, and individual water and power meters. Low “VOC” (volatile organic compounds) paints, coats, adhesives and sealants were used throughout each unit.
Additionally, Millennium apartments are equipped with an air filtration system to continuously circulate air from the outside. Each day residents have their recyclables picked up at their doors.
Later this Spring, the rooftop Metropolitan Club featuring: Sports Club with interactive equipment and a climbing wall, swimming pool, spa and club room will open.
The Millennium, with a total of 300 apartments, offers studios, one bedrooms, one bedrooms with den, two bedrooms, two bedrooms with den, metro flats and penthouse residences. For more information, visit www.metmillennium.com.
The Millennium is the second community in Metropolitan Park, an eight-phase master planned development that will offer more than 3,200 multifamily units when completed . The Gramercy, Metropolitan Park’s first community, opened in 2007 and is immediately adjacent to the Millennium. Metropolitan Park was planned by Robert A. M. Stern, a world renowned architect, and features a two-acre public park.
About Kettler
Founded by Robert C. Kettler in 1977, Kettler is among the largest private real estate and property management companies based in the D.C. metro area and one of the nation’s top 20 multifamily developers. The firm’s diverse business model has led to the delivery of five million square feet of commercial space and more than 50,000 homes. Kettler’s apartment portfolio includes high-end, market rate, affordable and fee-managed assets.
In 2008, Kettler Management was awarded the prestigious "Pillars of the Industry" award in the property management category by the National Association of Homebuilders. Currently, the company is developing transit-oriented mixed-use projects and managing a growing portfolio of third-party assets. For more information visit www.kettler.com.