On 2011 July 14, a transient X-ray source, Swift J1822.3–1606, was detected by Swift BAT via its burst activities. It was subsequently identified as a new magnetar upon the detection of a pulse period of 8.4 s. Using follow-up RXTE, Swift, and Chandra observations, we have determined a spin-down rate of Ṗ ~ 3 × 10−13, implying a dipole magnetic field of ~ 5 × 1013 G, second lowest among known magnetars, although our timing solution is contaminated by timing noise. The post-outburst flux evolution is well modelled by surface cooling resulting from heat injection in the outer crust, although we cannot rule out other models. We measure an absorption column density similar to that of the open cluster M17 at 10′ away, arguing for a comparable distance of ~1.6 kpc. If confirmed, this could be the nearest known magnetar.