WASHINGTON, D.C. — J.P. Morgan Asset Management has acquired two luxury high-rise apartment buildings, located in Washington, D.C., for $189.2 million.
909 at Capitol Yards, a 237-unit property located at 909 New Jersey Ave., sold for approximately $95.4 million, and the 246-unit Axiom at Capitol Yards, located at 100 Eye St. SE, sold for approximately $93.8 million.
“These two properties represent the height of apartment living,” said Bill Roohan, vice chairman of CBRE. “Each offers a lavish amenity package that appeals to the deeply discerning renter seeking luxury, metro-accessible living and the rich amenities that continue to evolve in the exciting Capitol Riverfront neighborhood.”
The properties include a variety of amenities such as clubrooms, swimming pools, fitness centers, business centers, conference rooms, designer kitchens, full-sized washers and dryers and walk-in closets. Axiom also features a sports lounge and 909 at Capitol Yards contains a resident pub with HDTV and billiards.
Additionally, the properties are within walking distance of two Metrorail stations, as well as The Washington Nationals stadium.
Roohan, along with Andy Boyer, Mike Muldowney, Jonathan Greenberg, Michael Rudolph, Brian Margerum, Robert Meehling and Martha Hastings of CBRE’s Washington, D.C., Multi-Housing team represented the sellers, 909 New Jersey Avenue LP. and 100 Eye Street LLC.
J.P. Morgan Asset Management is headquartered in New York and has $1.3 trillion in assets under management (as of March 31, 2010). On a year-over-year basis, the company’s net operating income fell by $80 million, or 17 percent, to $386 million in the first quarter of 2012.
— Savannah Duncan