Akridge, Western Development Acquire Former Coast Guard Headquarters in D.C. for $49.3M

WASHINGTON, D.C. — Western Development Corp. and Akridge have led a consortium of real estate developers and investors, including Orr Partners, Redbrick LMD LLC and Jefferson Apartment Group, to acquire 2100 Second St. S.W. in Washington, D.C., the site of the former U.S. Coast Guard headquarters at Buzzard Point. The sales price was undisclosed, but the Washington Business Journal reports the sales price to be $49.3 million. The team will redevelop the site into Riverpoint, a mixed-use development comprising 80,000 square feet of restaurant and retail space, more than 450 apartment and condominium units and waterfront activities with new piers, floating restaurants and the continuation of the Anacostia Riverwalk Trail. EagleBank and Greenfield Partners provided financing for Riverpoint, which will feature three sides of unobstructed water views. Orr Partners and Jefferson Apartment Group will co-develop the property, and Western will lead the development and leasing of the retail and waterfront portions of the project. Washington, D.C.-based Redbrick sourced, capitalize, and structured the transaction.