District of Columbia

WASHINGTON, D.C. — The U.S. economy saw the addition of 275,000 nonfarm payroll jobs in February, according to the Bureau of Labor Statistics (BLS). This figure exceeds the expectations of Dow Jones economists, which CNBC reports was an increase of 198,000 jobs. The report follows chair of the Federal Reserve Jerome Powell describing the job market as “relatively tight” earlier this week. February’s employment figures are now marginally lower than those of December 2023, which were revised down by 43,000, from 333,000 to 290,000. The BLS also revised down January’s numbers by a more drastic 124,000 jobs, from 353,000 to 229,000. Of the 275,000 jobs added in February, 223,000 were in the private sector. Government employment rose by 52,000, roughly equivalent to the average monthly gain of 53,000 over the prior 12 months. Healthcare and food services and drinking places saw significant increases, with the addition of 67,000 and 42,000 jobs, respectively. The social assistance sector added 24,000 jobs in February, and transportation and warehousing employment rose by 20,000. In the retail trade, change was minimal overall. Merchandise, health and personal care and automotive retail contributed to the overall addition of 19,000 jobs, while losses occurred in the realm of …

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WASHINGTON, D.C. — Donohoe Development, in partnership with Apartment Investment and Management Co. (Aimco), has opened the final phase of Upton Place on Wisconsin, a $300 million adaptive reuse project located at 4000 Wisconsin Ave. NW in Washington, D.C. The mixed-use development features 689 multifamily residences, 65 of which are income-restricted, as well as 100,000 square feet of retail space and an 800-space parking garage. AIR Communities is the property manager for the development’s two apartment communities — the 234-unit The Parc and 455-unit 4K Wisconsin. SK+I Architecture designed the residential buildings, which feature swimming pools, rooftop entertainment space, courtyards, commuter lobbies and social spaces. 4K Wisconsin will also host a 150-room pop-up hotel beginning this spring. Anchor tenants of the retail space include a 55,000-square-foot OneLife Fitness and 30,000-square-foot Lidl grocery store.

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WASHINGTON, D.C. — Greysteel has arranged the $48.1 million sale of a portfolio spanning four multifamily properties in Washington, D.C. Greysteel represented the sellers, locally based real estate investors, in the separate transactions, which were completed through D.C.’s Tenant Opportunity to Purchase Act (TOPA). American Housing was the buyer. The properties include a 28-unit apartment building located at 3654 New Hampshire Ave. NW and a 43-unit apartment building located in Penn Quarter at 1126 11th St. NW, which sold for $6.6 and $8.5 million, respectively. The portfolio also includes Newton Towers, a 56-unit apartment building located in Columbia Heights at 1435 Newton St. NW and The Park Regent, a 96-unit apartment community situated at 1701 Park Road NW in Mount Pleasant. Newton Towers was sold for $13.1 million, and The Park Regent traded for $20 million.

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Kroger_Banks-Crossing_Fayetteville

WASHINGTON, D.C. — The Federal Trade Commission (FTC), a U.S. government entity that enforces consumer protection laws, has sued to block Kroger Co.’s (NYSE: KR) proposed $24.6 billion acquisition of Alberstons Cos. (NYSE: ACI). Announced in late 2022, the deal would mark the largest supermarket merger in U.S. history. Kroger’s current portfolio includes thousands of stores across 36 states, including stores that operate under the regional banners Fred Meyer, Fry’s, Harris Teeter, King Soopers and Quality Food Centers (QFC), in addition to its Kroger flagship. Albertsons likewise operates thousands of stores across 35 states under names including Haggen, Jewel-Osco, Pavilions, Safeway and Vons, in addition to the eponymous Alberstons shops. According to the FTC, the merger — which, if completed, would result in a portfolio of more than 5,000 stores and roughly 4,000 retail pharmacies — is “anticompetitive.” The commission alleges that executives for both supermarket chains have conceded that Kroger’s acquisition of Albertsons is anticompetitive, with one executive saying the merger is “basically creating a monopoly.” The FTC is also alleging that the deal would “lead to lower quality products and services” and threaten “the ability of employees to secure higher wagers, better benefits and improved working conditions,” according …

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WASHINGTON, D.C. — Preliminary estimates from Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations show that commercial and multifamily loan originations in 2023 are down 47 percent compared to 2022. The Washington, D.C.-based organization also reports that originations in fourth-quarter 2023 declined 25 percent year-over-year but increased by 13 percent from third-quarter 2023. The association released its findings during its 2024 Commercial/Multifamily Finance Convention and Expo (MBA CREF), an annual conference that concludes today. Loan volume declined for every property sector and investor type that MBA tracks in 2023. By property type, originations for healthcare properties decreased 67 percent compared to 2022; office properties decreased 65 percent; industrial properties decreased 49 percent; multifamily properties decreased 46 percent; retail properties decreased 27 percent; and hotel properties decreased 10 percent. Among investor types, originations for depositories (i.e. banks and credit unions) decreased 64 percent; originations for investor-driven lenders decreased 51 percent; loans for life insurance companies decreased 39 percent; loans for government-sponsored enterprises, including Fannie Mae and Freddie Mac, decreased 21 percent; and CMBS loans decreased 21 percent.

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WASHINGTON, D.C. — Marx Realty has delivered The Grogan, a repositioned office building located at 819 7th St. NW in Washington, D.C.’s East End. The New York City-based developer purchased the 21,000-square-foot property in 2018. The renovated asset includes a new façade, canopy and entryways, as well as an upgraded lobby and mezzanine space of the penthouse that includes a café, delineated seating and access to a private terrace. Built in 1891, The Grogan features 12- to 15-foot wood ceilings, exposed brick, wood columns and arched windows, all of which have Marx Realty has restored.

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WASHINGTON, D.C. — Total nonfarm employment in the United States increased by 353,000 jobs in January, according to the U.S. Bureau of Labor Statistics (BLS). This hike nearly doubled the increased predicted by Dow Jones economists, who forecasted an increase of 185,000 jobs, reports CNBC. The unemployment rate held steady at 3.7 percent for the third month in a row. The BLS also made hefty revisions to its calculation of jobs gained in December 2023. The bureau revised December’s gains to 333,000, an increase of 117,000. The BLS also revised November jobs up by 9,000 jobs to 182,000. The average monthly gain in 2023 was 255,000. Employment growth in January was led by the professional and business services sector, which added 74,000 jobs last month. This far exceeds the sector’s average monthly gain of 14,000 jobs in 2023. Other industries that saw increases in January include healthcare (70,000), retail trade (45,000), government (36,000), social assistance (30,000) and manufacturing (23,000). Employment declined in the mining, quarrying and oil and gas extraction industry. The better-than-expected jobs report comes on the heels of the U.S. economy’s gross domestic product (GDP) posting a 3.3 percent annualized growth rate in fourth-quarter 2023. CNBC reports that …

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The Washington, D.C., metro area, known for its steady and stable economic foundation, stands at the forefront of a transformative period in the U.S. commercial real estate market. Amid the backdrop of an evolving macroeconomic market, it’s essential to recognize the adaptability and resilience of the metro D.C. area’s multifamily market.  While recent capital market fluctuations continue to impact asset pricing across multiple sectors, the region’s fundamentals and property level performance have remained strong. According to Berkadia’s third-quarter multifamily market report, rent is up 3.6 percent in the District. Many properties are experiencing strong rent growth, which is anticipated to continue as there is a complete lack of future supply and the bulk of the apartment supply has delivered and is currently in lease-up. While some regions have headwinds that are cause for some investor caution, particularly regarding regulatory concerns, other areas like Northern Virginia are capturing significant interest from buyers and showcasing the region’s ability to still command buyer demand. This is, in many ways, the recurring narrative for the D.C. metro region: resilience supported by concrete fundamentals. Strong foundation In the D.C. metro area, the decline in supply is highly likely to continue to drive a noteworthy increase …

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WASHINGTON, D.C. — Jefferson Apartment Group (JAG) and The Fortis Cos. have delivered J. Coopers Row, a 312-unit multifamily development located in the Capitol Riverfront submarket of Washington, D.C. Situated at 1319 S. Capitol St. SW, the building stands at 110 feet across 12 stories. Apartments at the property range from 444 to 1,850 square feet in one-, two- and three-bedroom layouts. Amenities at the development include a rooftop swimming pool, outdoor lounge areas, penthouse-level sky lounge, fitness center, coworking area, maker space, dog run, pet spa and 24-hour concierge service. The community is located one block from the Navy Yard-Ballpark Metro station and is proximate to Audi Field, The Yards, The Boilermaker Shops, the Navy Yard, the Southwest Waterfront and The Wharf.

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WASHINGTON, D.C. — The U.S. hotel sector posted its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, according to 2023 data from CoStar. ADR ended the year at $155.62, a 4.3 percent increase compared to year-end 2022, and RevPAR settled at $97.97, a 4.9 percent hike from 2022. Additionally, the U.S. hotel industry enjoyed its highest occupancy levels since 2019. The occupancy rate at year-end was 63 percent, a 60-basis-point increase year-over-year. Among the top 25 markets tracked by CoStar, New York City experienced the highest occupancy rate (81.6 percent, up 8.8 percent year-over-year), ADR ($301.22, up 8.5 percent) and RevPAR ($245.77, a 18.1 percent hike). New Orleans and Miami recorded the only RevPAR decreases, falling 6.8 percent and 6.7 percent year-over-year, respectively.

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