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DevelopmentDistrict of ColumbiaMixed-UseMultifamilySoutheastTop Stories

Akridge, National Development Complete Phase I of Stacks Mixed-Use Project in D.C.

by Kristin Harlow

WASHINGTON, D.C. — Akridge and National Real Estate Development have opened Colette and Everly, two luxury apartment buildings within The Stacks in the Buzzard Point neighborhood of Washington, D.C. With these openings, the mixed-use project’s first phase is now complete. Phase I of The Stacks totals nearly 1 million square feet and includes 1,116 multifamily units, more than 90,000 square feet of amenity spaces across three apartment buildings, roughly 22,000 square feet of public parks, approximately 40,000 square feet of retail space and 11,000 square feet of coworking space. First move-ins at Colette and Everly are slated for this month. The two buildings total 732 units. “Everly and Colette provide residents with some of the best water views in the region, as well as convenient access to the best of D.C., including The Wharf, Navy Yard and downtown,” says Adam Gooch, managing principal and chief development officer at Akridge. “Between these two new residential towers and their sister building, The Byron, which opened earlier this year, The Stacks offers three distinctive luxury living options to match residents’ needs.” Architecture firm Gensler designed Everly and was the broader design coordinator of The Stacks. Everly features 413 apartment units within a 14-story …

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District of ColumbiaSoutheast

US Economy Adds 228,000 Jobs in March, Nearly Doubling February Gains

by John Nelson

WASHINGTON, D.C. — The U.S. Bureau of Labor Statistics (BLS) has reported that employment growth totaled 228,000 in March, rising above the 140,000-figure projected by Dow Jones economists, according to CNBC. March job growth nearly doubled the previous month’s total, which was revised down by 34,000 to 117,000. The BLS also revised January’s job growth down by 14,000, from 125,000 to 111,000. The U.S. unemployment rate in March was 4.2 percent, up slightly from 4.1 percent in February. In March, job gains were concentrated in the healthcare, social assistance and transportation and warehousing sectors. More specifically, the healthcare sector added 54,000 jobs, including gains in ambulatory health services (+20,000), hospitals (+17,000) and nursing and residential care facilities (+17,000). Social assistance increased by 24,000 jobs, higher than the average monthly gain of 19,000 over the previous 12 months. Retail trade added 24,000 jobs in March — as workers returned from strike — to contribute to a gain in food-and-beverage retailers (+21,000). On the contrary, general merchandise retailers lost 5,000 jobs since February. The transportation and warehousing sector contributed 23,000 overall jobs, roughly double the prior 12-month average gain of 12,000. Meanwhile, a job loss in warehousing and storage (-9,000) partially offset …

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DevelopmentDistrict of ColumbiaHospitalitySoutheast

TPG Hotels, Douglas Development Open 107-Room Canal House of Georgetown Hotel in DC

by John Nelson

WASHINGTON, D.C. — A partnership between TPG Hotels & Resorts and Douglas Development has delivered Canal House of Georgetown, a 107-room hotel located along the Chesapeake & Ohio Canal in Washington, D.C.’s Georgetown district. Operating as a Tribute Portfolio hotel, the property represents the 1 millionth room in Marriott’s U.S. portfolio. The hotel is an adaptive reuse of a former office building and two historic townhomes and features a library lounge, private courtyard, fitness center and onsite restaurant C&O Lounge.

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Sharon Géno
District of ColumbiaFeaturesMultifamilySoutheast

NMHC: High Insurance Costs Worsen U.S. Housing Affordability Crisis

by Channing Hamilton

WASHINGTON, D.C. — Rising insurance costs are standing in the way of building more affordable housing. According to a survey from the National Multifamily Housing Council (NMHC), about 77 percent of owner/developer firms reported rate increases of up to 20 percent or more compared with 2023 costs. NMHC’s 2024 State of Multifamily Risk Report attributes the high costs to a variety of factors, including increased cost valuation, limited capacity within the reinsurance market, shrinking underwriting capacity and restricted availability of guaranteed cost/zero deductible programs.  Previous NMHC research, such as the 2023 State of Multifamily Risk Report, indicated that supply chain issues and high inflation led to higher construction and replacement costs. As insurance costs rise, insurance companies increase the minimum amount a property must earn in revenue to remain financially viable. These costs can be especially detrimental to affordable housing providers who develop rate-capped units. However, while insurance rates remain significantly elevated compared with historical norms, the report also found that there was some stabilization in the property insurance market in 2024. Last year marked the first decline in rates since 2017, after 27 consecutive quarters of growth. The report attributes this temporary stability to increased capacity and competition in the property insurance …

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AcquisitionsDistrict of ColumbiaOfficeSoutheast

Onward Investors Takes Full Ownership of 12-Story Office Building in DC

by John Nelson

WASHINGTON, D.C. — Onward Investors has taken full ownership of 100 M Street SE, a 12-story, 240,500-square-foot office building in Washington, D.C.’s Navy Yard district. The Minneapolis-based investment firm acquired the property’s senior loan last April. The previous owner and terms of the transaction were not disclosed, but Washington Business Journal reported that Houston-based Lionstone Investments sold the property for nearly $54 million as part of its initiative to offload its $5.5 billion portfolio. Situated near the Navy Yard-BallPark Metro station, the office building is currently 78 percent leased and features about 16,000 square feet of contiguous availability, as well as newly installed amenities including a rooftop terrace, tenant lounge and conference center.

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DevelopmentDistrict of ColumbiaMixed-UseMultifamilySoutheast

Tishman Speyer Launches Leasing at 321-Unit Residences at Mazza Apartments in DC

by John Nelson

WASHINGTON, D.C. — Tishman Speyer, along with property management firm Bozzuto, has launched preleasing at Residences at Mazza, a mixed-use development located at 5300 Wisconsin Ave. NW in Washington, D.C. Upon completion, the property will feature 321 apartments, townhomes and penthouses, as well as a 70,000-square-foot retail concourse that will soon be home to T.J. Maxx and Total Wine & More. Amenities will include a coworking lounge, rooftop sky lounge, fitness center, central courtyard with a lap pool and a media room. Monthly rental rates at Residences at Mazza range from $2,300 to $7,479, according to the property website. The development is situated within a block from the Friendship Heights Metro station and represents the first new apartment community to be built in D.C.’s Friendship Heights neighborhood since 2009, according to Tishman Speyer. The design team includes Danish architectural firm 3XN, landscape architect Parker Rodriguez and interior designer Michaelis Boyd.

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District of ColumbiaSoutheast

US Hiring Totals 151,000 Jobs in February, BLS Reports

by John Nelson

WASHINGTON, D.C. — The U.S. Bureau of Labor Statistics (BLS) has reported that U.S. employment growth totaled 151,000 in February, falling below the 170,000 figure projected by Dow Jones economists, according to CNBC. February job growth exceeded the previous month’s total, which was revised down by 18,000 jobs to 125,000. The BLS also revised December’s job growth upward, from 307,000 jobs to 323,000. The U.S. unemployment rate increased slightly to 4.1 percent. The healthcare sector led the way in job creation in February with 52,000 jobs, including gains in ambulatory healthcare services (+26,000), hospitals (+15,000) and nursing and residential care facilities (+12,000). The financial sector contributed 21,000 overall jobs, including gains to real estate, rental and leasing (+10,000) and insurance carriers (+5,000). Commercial banking lost 5,000 jobs. Additional sectors that contributed employment increases were transportation and warehousing (+18,000) and social assistance (+11,000). The BLS also reports that federal government employment declined by 10,000 while government payrolls simultaneously increased overall by 11,000. Additionally, retail employment declined by 6,000 jobs. Employment in the food-and-beverage industry declined by 15,000, largely due to strike activity by workers at restaurant chains such as Starbucks. On the contrary, warehouse clubs, supercenters and other general merchandise retailers …

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CivicDistrict of ColumbiaLeasing ActivityOfficeSoutheast

Easterly Government ‘Remains Committed’ to Public-Private Partnership With Federal Government Amid DOGE Activity

by John Nelson

WASHINGTON, D.C. — Easterly Government Properties (NYSE: DEA), an office REIT that owns assets leased to the U.S. government and affiliates, has released its fourth-quarter 2024 results. The company exceeded its initial full-year guidance and achieved results at the upper end of raised guidance, with a net income of $20.6 million. In 2024 alone, Easterly purchased 10 properties either solely or in joint venture arrangements totaling $230 million. The company also expanded its investment strategy to include office properties leased to private sector government contractors and reduced its total portfolio energy consumption by 4 percent year-over-year.  “We are pleased with the position of our portfolio,” said Darrell Crate, president and CEO of Easterly. Easterly has been directly affected by the recent activities of the Department of Government Efficiency (DOGE), a newly created federal department championed by Elon Musk, owner of Tesla, X (formerly Twitter) and SpaceX. According to multiple media outlets, DOGE has announced that it has terminated 2.3 million square feet of federal office leases and saved $145 million. DOGE is now targeting the termination or consolidation of nearly 100 more leases at government offices in several markets, most notably in the nation’s capital, according to The Wall Street Journal. …

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AcquisitionsDistrict of ColumbiaMixed-UseOfficeRestaurantRetailSoutheast

Marcus & Millichap Brokers $4.3M Sale of Mixed-Use Property in DC

by John Nelson

WASHINGTON, D.C. — Marcus & Millichap has brokered the $4.3 million sale of 6400 Georgia Ave. NW, a 13-suite mixed-used property located in Washington, D.C. Situated in the northwestern neighborhood of Brightwood, the property totals 20,680 square feet across two floors. The first floor is fully leased with seven retail suites — including Subway and other long-term local businesses — that operate on a triple-net lease basis. The second floor features six office suites, all of which were vacant at the time of sale. According to LoopNet Inc., the property was built in 1952 and renovated in 2024 to include a new roof, sump pump and other building improvements. Lorenzo Wooten and Jacob Krens of Marcus & Millichap’s D.C. office marketed the property on behalf of the family that owned the property. The buyer was not disclosed.

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District of ColumbiaFeaturesLoansMultifamilySoutheastSoutheast Feature Archive

MBA: Commercial, Multifamily Loan Volume to Increase 16 Percent in 2025

by John Nelson

WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) is forecasting that total commercial and multifamily mortgage borrowing and lending will rise to $583 billion in 2025, which is a 16 percent increase from 2024’s estimated total of $503 billion. The Washington, D.C.-based organization made the announcement at its 2025 Commercial/Multifamily Finance Convention and Expo (CREF) event taking place in San Diego. Multifamily lending, which is calculated into the total figure, is expected to rise to $361 billion in 2025 — also a 16 percent increase from last year’s estimate of $312 billion. MBA anticipates originations in 2026 will increase to $709 billion in total commercial real estate lending, with $419 billion of that allocated to multifamily lending. “Given the strong pickup in origination activity at the end of 2024, it appears that at least some borrowers and lenders are ready to move,” said Mike Fratantoni, MBA’s senior vice president and chief economist. “MBA is forecasting that interest rates are going to stay within a trading range for the next few years. We expect an increase in originations across property types and capital sources, but certainly recognize the additional challenges posed by the large number of loans scheduled to mature in …

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