District of Columbia

Greysteel Negotiates Two Sales of Apartment Communities in D.C. Totaling $21M

by Alex Tostado July 10, 2020

WASHINGTON, D.C. — Greysteel has negotiated the sale of The Waring and The Regent, two apartment communities in Washington, D.C. Urban Investment Partners acquired both assets for a total of $21 million. In the first deal, 1433 T Street Associates LLC sold The Waring, a 38-unit property located at 1433 T St., for $12.5 million. In the second deal, Mozart LLC sold The Regent, a 37-unit property located at 2517 Mozart Place NW, for $8.5 million. The Waring was built in 1909 and is situated less than one mile from downtown Washington, D.C. The property offers studio, one- and two-bedroom floor plans averaging 573 square feet. The seller recently upgraded unit interiors, including fully renovating the kitchens and bathrooms. The Regent, which is situated less than one mile from The Waring, offers studio through two-bedroom floor plans averaging 732 square feet. Ari Firoozabadi, W. Kyle Tangney and Herbert Schwat of Greysteel represented the seller in each deal and procured the buyer.

July 10, 2020

District of Columbia Southeast

Additional 1.3M Americans File for First-Time Unemployment Assistance

by Alex Tostado July 9, 2020

WASHINGTON, D.C. — An additional 1.3 million Americans have filed for first-time unemployment assistance for the week ending July 4, according to the U.S. Department of Labor. Economists surveyed by Dow Jones expected just under 1.4 million claims. The most recent week continues a declining week-over-week trend, coming in at 99,000 fewer claims than the week ending June 27. The four-week rolling average was 19.1 million, down by 636,000 claims from the previous rolling average. Additionally, the continuing claims are steadily declining, coming in at just over 18 million, a decrease of 698,000 claims from the previous week.

July 9, 2020

District of Columbia Southeast

US Economy Adds Record 4.8M Jobs in June, Unemployment Rate Falls to 11.1 Percent

by Alex Tostado July 2, 2020

WASHINGTON, D.C. — The U.S. economy added 4.8 million jobs in June, the highest single-month addition on record, according to the U.S. Bureau of Labor Statistics (BLS). The nonfarm payroll employment report soundly beat expectations. Economists surveyed by The Wall Street Journal had expected 3 million jobs to be added in June. The unemployment rate fell 220 basis points to 11.1 percent. The recovery could hit another snag in coming months, however, as coronavirus cases surge again, according the Centers for Disease Control and Prevention (CDC). Several state governors have ordered restaurants and bars to shut down for a second time since March. The leisure and hospitality sector is continuing its recovery, having added 2.1 million jobs in June and 1.2 million in May. The sector lost a combined 8.2 million jobs in March and April. The retail trade industry is another sector that was hit hard by the COVID-19 shutdown, having lost 2.4 million jobs in March and April. The sector added 740,000 jobs in June and 372,000 in May, accounting for nearly half of the lost jobs. Employment totals also rose in education and health services (568,000), manufacturing (356,000) and construction (158,000). Additionally, the Association of General Contractors …

July 2, 2020

District of Columbia Southeast

NRF Economist: Recession May Have Ended Already, But Second COVID-19 Wave is ‘Major Threat’ to Retail Recovery

by Alex Tostado July 2, 2020

WASHINGTON, D.C. — The National Retail Federation’s (NRF) chief economist Jack Kleinhenz surmises that the recession brought on by the outbreak of COVID-19 may have already ended. Citing encouraging tailwinds such as a rebound in jobs (7.5 million jobs in May and June combined) and a strong quarter by the stock market, Kleinhenz says that the recession could be over just as fast as it came, though that won’t be determined by the National Bureau of Economic Research for a while. “While it would be unusual for a recession to last less than six months, it is possible,” says Kleinhenz. “The bad news is there is plenty of uncertainty on the shape of the reopening of the economy, and the recovery will be slow even if we are no longer in recessionary territory.” Despite the upward trajectory of the U.S. economy on metrics such as consumer spending and retail sales, Kleinhenz emphasizes that the economic recovery will still be dictated by whether efforts to end the pandemic are successful. The veteran economist warns that the second wave of COVID-19 outbreaks in markets such as Florida and Texas is a “major threat” to the recovery. “These outbreaks are alarming, and if …

July 2, 2020

District of Columbia Multifamily Southeast

Freddie Mac, Fannie Mae Extend COVID-19 Forbearance Programs for Multifamily Borrowers, Add Tenant Protections

by Alex Tostado June 30, 2020

WASHINGTON, D.C. — Freddie Mac and Fannie Mae have updated their multifamily forbearance programs for borrowers still being affected by the COVID-19 pandemic. In late March, Freddie Mac and Fannie Mae enacted 90-day relief plans for borrowers. With that period ending soon and several borrowers still struggling to fulfill their mortgage payments in the midst of the outbreak, the two government-sponsored enterprises (GSEs) have extended deadlines and terms of their respective forbearance programs. Under Fannie Mae’s guidelines, borrowers will have up to 24 months following its forbearance period to repay any missed payments. While in forbearance, a borrower may not evict any resident for missed payments. Borrowers with loans from both Freddie Mac and Fannie Mae with a forbearance agreement in place may not charge tenants late fees or penalties solely because of the nonpayment of rent during the forbearance period or the borrowers’ repayment period. The forbearance program also requires borrowers to provide flexibility to tenants, allowing the repayment of back rent over time and not in a lump sum. The borrower must also give tenants a 30-day notice to vacate prior to any evictions taking place.

June 30, 2020

Acquisitions District of Columbia Office Southeast Top Stories

Smithsonian Institution Pays $254M for New Headquarters in Washington, D.C.

by Alex Patton June 26, 2020

WASHINGTON, D.C. — The Smithsonian Institution has acquired the 318,557-square-foot West Tower of the Capital Gallery office property in Washington, D.C. for $254 million. The U.S. government entity, which operates 19 museums and nine research centers, will use the building as its new headquarters. Located at 600 Maryland Ave. S.W., the 10-story glass building makes up just over half of the two-building property, which totals 631,029 square feet of Class A office space. Smithsonian also acquired four floors of the eight-story East Tower. Smithsonian already leases office space within the building, and the acquisition is part of a plan to consolidate five office spaces in the Washington, D.C. area into a single location. The financial and administrative offices, currently located in Crystal City at 2011 Crystal Drive, in Arlington, Virginia, are the largest offices to move to the new administrative headquarters. Other offices to be consolidated include spaces at 955 L’Enfant Plaza S.W.; 425 Third St. S.W.; and 901 D St. S.W. The move is scheduled to begin early next year. “The reason for purchasing an office building near the National Mall is twofold — it is more efficient to have staff together in a central location and it is …

June 26, 2020

District of Columbia Southeast

Nearly 1.5M Americans File First-Time Unemployment Claims in Latest Weekly Figures

by Alex Tostado June 25, 2020

WASHINGTON, D.C. — Nearly 1.5 million Americans filed first-time unemployment claims during the week ending June 20, the U.S. Department of Labor reports. The claims remain historically high in the midst of the worldwide COVID-19 outbreak, though the week-over-week numbers have declined for 12 consecutive weeks. The most recent figure was 60,000 fewer than the previous week’s total. Economists surveyed by Dow Jones anticipated a total of under 1.4 million claims for the week. Furthermore, the four-week moving average has also been steadily declining, dropping by 160,750 claims to 1.6 million, according to the Department of Labor. Continuing claims also fell by 767,000 claims to under just over 19.5 million. This is the first week since the economic shutdown in mid-March that continuing claims have fallen below 20 million.

June 25, 2020

Development District of Columbia Multifamily Southeast

Jefferson Apartment Group, Stars REI Deliver 132-Unit Multifamily Community in D.C.

by Alex Tostado June 22, 2020

WASHINGTON, D.C. — Jefferson Apartment Group and Stars REI have delivered J Linea, a 132-unit apartment community in Washington, D.C.’s Shaw neighborhood. The property is situated at 2009 8th St., less than two miles from downtown D.C. J Linea offers studio, one- and two-bedroom floor plans, each featuring stainless steel appliances, quartz countertops and backsplashes, kitchen islands, plank flooring and floor-to-ceiling windows. Communal amenities include a fitness center, rooftop terrace, coworking booths, 24/7 Amazon Hub package system and 16,000 square feet of ground-floor retail space. The joint venture acquired the site in 2016.

June 22, 2020

District of Columbia Southeast

Over 1.5M Americans File First-Time Unemployment Claims, Continuing 11-Week Trend of Weekly Dip

by Alex Tostado June 18, 2020

WASHINGTON, D.C. — Just over 1.5 million Americans filed first-time unemployment claims during the week ending June 13, the U.S. Department of Labor reported this morning. The most recent figure was a 58,000-claim decrease from the previous week, continuing an 11-week trend of lowering initial claims. Economists surveyed by Dow Jones forecasted an increase of 1.3 million claims. As the COVID-19 pandemic still hammers the U.S. economy, there are signs of a loosening grip, as the four-week moving average continues to trend downward. The moving average came in at 1.8 million claims, a decrease of 234,500 from the previous average. Additionally, the number of Americans on continuing unemployment dipped below 20.5 million, a slight decline of 62,000 from the previous week.

June 18, 2020

District of Columbia Loans Office Southeast

JLL Arranges $68.5M Refinancing Loan for Office Building in D.C.’s Golden Triangle District

by Alex Tostado June 18, 2020

WASHINGTON, D.C. — JLL has arranged a $68.5 million refinancing loan for 1750 K St., a 165,604-square-foot office building in Washington, D.C. Bridge Investment Group provided the floating-rate loan to the borrower, Mirae Asset Global Investments. The 12-story property is fully leased to five tenants and is located within D.C.’s Golden Triangle neighborhood. Cary Abod, Rob Carey and Andrew Weir of JLL arranged the loan on behalf of the borrower.

June 18, 2020

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