District of Columbia

Akridge, Alcion Partners Sell Office Building in Downtown D.C. for $119M

by Alex Tostado July 9, 2019

WASHINGTON, D.C. — Akridge and Alcion Partners have sold 1701 Rhode Island Ave., a seven-story, 103,908-square-foot office building in downtown Washington, D.C., for $119 million. The partnership acquired the then-YMCA in March 2016 before repositioning the asset into an office building fully leased to WeWork. WeWork has occupied the space since February. Design firm Hickok Cole Architects and general contractor Whiting-Turner Contracting Co. led the redevelopment of 1701 Rhode Island to include a two-story lobby, pocket park, rooftop decks on the penthouse and seventh floor and a landscaped rooftop terrace. An affiliate of EXAN Capital acquired 1701 Rhode Island. Collins Ege, Sean McDermott, Nicholas Pappas and Nick Carpenter of Eastdil Secured represented the sellers in the transaction. EXAN Capital will remain as the asset manager.

July 9, 2019

Acquisitions District of Columbia Multifamily Southeast

Marcus & Millichap Arranges $20.3M Sale of Multifamily Portfolio in Northwest D.C.

by Alex Tostado July 5, 2019

WASHINGTON, D.C. — Marcus & Millichap has arranged the $20.3 million sale of a multifamily portfolio in northwest Washington, D.C. The portfolio consists of two properties totaling 172 residential units. The communities include Walter Reed Apartments, which is located at 6939 Georgia Ave. NW at the entrance of The Parks at Walter Reed, a 66-acre redevelopment of the Walter Reed Army Medical Center that upon completion will include over 3.1 million square feet of mixed-use development. The other property is Longfellow Apartments, located at 5521 Colorado Ave. NW near Rock Creek Park in D.C.’s 16th Street Heights neighborhood. Marty Zupancic and Christian Barreiro of Marcus & Millichap brokered the transaction between the seller, an affiliate of Poretsky Building Group that is focused on providing affordable housing, and the buyer, an entity managed by Urban Investment Partners.

July 5, 2019

Acquisitions District of Columbia Hospitality Southeast

Pebblebrook Hotel Trust to Sell Hotel in Downtown D.C. for $42M

by Alex Tostado June 25, 2019

WASHINGTON, D.C. — Pebblebrook Hotel Trust has entered into an agreement to sell Kimpton Rouge Hotel, a 137-room hotel in downtown Washington, D.C., for $42 million. The hotel offers a 24-hour fitness center, in-room spa services, a yoga mat in every room, bicycles for rent and an on-site bar. The seller expects the sale to close in the third quarter of this year. The buyer was not disclosed.

June 25, 2019

Development District of Columbia Multifamily Southeast

EJF, Donatelli, Blue Skye Developing $95M Multifamily Project Within D.C. Opportunity Zone

by Alex Tostado May 31, 2019

WASHINGTON, D.C. — EJF Capital, Donatelli Development and Blue Skye Development are developing a $95 million, 262-unit mixed-income housing project within an opportunity zone in southeast Washington, D.C. The project is under construction within Hill East, a 67-acre master-planned development. The multifamily component, which has not yet been named, will include an undisclosed number of affordable housing units and 13,000 square feet of retail space. The project is expected to be complete in August 2020. Eagle Bank is providing $59.5 million of construction financing.

May 31, 2019

Development District of Columbia Office Southeast Top Stories

Carr Properties Breaks Ground on 225,000 SF Office Development in Washington, D.C.

by Kristin Harlow May 15, 2019

WASHINGTON, D.C. — Carr Properties has broken ground on Signal House, a 225,000-square-foot office development in the Union Market neighborhood of Washington, D.C. Located at 350 Morse St., the project will be situated adjacent to Florida Avenue and near the NOMA-Gallaudet Metro Station. Designed by Gensler, the 10-story office building will pay tribute to the historic industrial surroundings of the area with a terra cotta, metal and glass exterior. Amenities at the property will include a penthouse with a demonstration kitchen, bar, recording studio, DJ booth, karaoke room and conference center. Other features will include 10,000 square feet of private terraces, fitness facilities, bike storage and 12,500 square feet of retail space. “Signal House will be the first new office development in Union Market and will add to the revitalization of an area that is becoming one of the most dynamic creative and retail destinations in the city,” says Oliver Carr, CEO of Carr Properties. Completion of the project is slated for the first quarter of 2021. John Moriarty & Associates is the general contractor. The developers are seeking LEED Gold certification for the property. Carr Properties is a privately held real estate investment trust that owns, acquires and develops …

May 15, 2019

International Spy Museum, Washington, D.C.

Civic Development District of Columbia Southeast Top Stories

JBG Smith, Malrite Complete $162M International Spy Museum in Washington, D.C.

by Jeff Shaw May 10, 2019

WASHINGTON, D.C. — JBG Smith Properties and Malrite Co. have completed the development of a new and expanded International Spy Museum at L’Enfant Plaza in Washington, D.C. When the project was announced in 2015, The Washington Post reported that the estimated costs were $162 million. The building officially opens to the public on Sunday, May 12. The development more than doubles the size of the museum to 140,000 square feet and moves it from F Street to just two blocks south of the National Mall and two blocks north of The Wharf. L’Enfant Plaza has its own stop on the Metro rail line. The museum showcases the world’s largest collection of international espionage-related artifacts and features an interactive exhibition highlighting the villains in the James Bond movies. In addition to larger exhibition space, the new building also includes dedicated temporary exhibition space; a learning center with workshop spaces; a theater for lectures, films and panel discussions; and adaptable spaces for programs. The rooftop provides nearly 360-degree views of the city, including the Capitol Building and Washington Monument. Indoor event space is encased in floor-to-ceiling windows for private events and public programs. London-based architect Rogers Stirk Harbour + Partners designed the building, …

May 10, 2019

Development District of Columbia Hospitality Southeast

Birchington to Break Ground on $93M Holiday Inn Express in D.C.

by Alex Tostado May 8, 2019

WASHINGTON, D.C. — Birchington LLC is set to break ground on a $93 million, 247-room Holiday Inn Express in Washington, D.C. The hotel is expected to open in late 2020. Birchington, which developer Habte Sequar owns, received a construction loan from Atlanta-based Stonehill Strategic Capital for the project. The 14-story hotel will be situated at the corner of 4th and K streets, three blocks from the historic Carnegie Library and the Walter E. Washington Convention Center. The design and management team include BBGM Architects, general contractor Kinsley Construction Inc. and property manager Urgo Hotels & Resorts.

May 8, 2019

District of Columbia Loans Mixed-Use Southeast Top Stories

MRP Realty Receives $191.8M in Development Financing for Mixed-Use Project in Washington, D.C.

by Kristin Harlow May 8, 2019

WASHINGTON, D.C. — MRP Realty has received $191.8 million in development financing for Phase I of Bryant Street, a mixed-use project in northeast Washington, D.C. Phase I includes three mid-rise buildings comprising 487 multifamily units, a nine-screen Alamo Drafthouse Cinema and an additional 38,482 square feet of ground-floor retail space. At full buildout, the 13-acre project will feature 1,500 residential units, 250,000 square feet of retail space, 1.5 acres of green space and up to 2,000 parking spaces. The transit-oriented development will be located in the Edgewood neighborhood, near the intersection of Rhode Island Avenue and Fourth Street, adjacent to the Rhode Island Metro Station. Bryant Street is a redevelopment of a former shopping plaza named Rhode Island Center. SK&I is the architect for the residential portions of the project. Construction began in February. Phase I is slated for completion in spring 2021. HFF worked on behalf of the developer to arrange a $59.8 million joint-venture equity partnership with FRP Development Corp. HFF also secured $132 million in construction financing through a national bank. Stephen Conley, Walter Coker, Brian Crivella, John Owendoff, Daniel McIntyre and Cary Abod led the HFF debt and equity placement team. Founded in 2005, MRP Realty …

May 8, 2019

Acquisitions District of Columbia Multifamily Southeast

Greysteel Arranges $21.8M Receivership Sale of Multifamily Portfolio in D.C.

by Alex Tostado May 1, 2019

WASHINGTON, D.C. — Greysteel has arranged the $21.8 million receivership sale of a multifamily portfolio in Washington, D.C., on behalf of the receiver, E&G Group. E&G Group received Elsinore Courtyard and Fitch Apartments in June 2017 when lender Wilmington Trust asked the Superior Court of the District of Columbia to empower E&G Group to market and sell the properties after previous owner Sanford Capital defaulted on its loans, according to Street Sense Media. Elsinore Courtyard was built between 1960 and 1966 at 5311-5330 E St., 5108-5112 Call Place and 5109-5117 C St. SE. The 15 -units average 894 square feet. Fitch Apartments was built between 1969 and 1971 and is situated at 351 53rd St. SE, 5033 Call Place SE, 5040 & 5216 D St. SE and 5218–5220 F St. SE. The 75 units average 728 square feet. Both properties are situated near Benning Road Metro Station, providing access to WMATA’s Blue/Silver Line trains. Ari Firoozabadi, Kyle Tangney, Herbert Schwat, Christian Alves and Dutch Seitz of Greysteel represented E&G Group in the transaction. The Washington, D.C.-based team also procured the undisclosed buyer.

May 1, 2019

Development District of Columbia Multifamily Southeast

Joint Venture Breaks Ground on Residential Component of 3.1 MSF Mixed-Use Project in D.C.

by Alex Tostado April 10, 2019

WASHINGTON, D.C. — Urban Atlantic, Hines and Triden Development Group have broken ground on The Vale apartments and The Brooks condominiums at The Parks at Walter Reed in Washington, D.C. The Vale will be situated on a 2.3-acre site along Georgia Avenue and comprise 301 apartments and 18,300 square feet of retail space. PGIM Real Estate, the real estate investment management business of Prudential Financial Inc., will join the joint venture for developing the asset. Capital One provided construction financing for The Vale. The Brooks will be built on the adjoining half-acre site and will offer 89 units. Grosvenor Americas provided construction financing for The Brooks. The ground breaking is the first phase of construction for The Parks at Walter Reed, which will feature 150,000 square feet of grocery-anchored retail space; 1,200 residential units, including 432 affordable units; office space; parks; two foreign language immersion charter schools; and ambulatory care by Howard University. More than $300 million has been invested in the 66-acre campus, which is being developed in a public-private partnership with The District of Columbia.

April 10, 2019

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