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District of Columbia

AcquisitionsDistrict of ColumbiaMultifamilySoutheast

CIM Group Sells 276-Unit Argonne Apartments in D.C.

by John Nelson

WASHINGTON, D.C. — The CIM Group has sold The Argonne, a 276-unit apartment community located at 1629 Columbia Road NW in Washington, D.C.’s Adams Morgan neighborhood. The buyer and sales price were not disclosed. The eight-story brick property was originally built in 1923. Under CIM Group’s management, The Argonne has undergone upgrades to the building’s lobby, common areas, corridors and façade. Today, the property features floor plans ranging from studios to three-bedroom apartments, as well as a swimming pool, fitness center, conference center, yoga room and a dog park.

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Affordable HousingDevelopmentDistrict of ColumbiaMultifamilySoutheast

Partnership Nears Completion of 430-Unit Iris Apartments in D.C.

by John Nelson

WASHINGTON, D.C. — A partnership between the District of Columbia Housing Authority (DCHA), MRP Realty, CSG Urban Partners LLC and Taylor Adams Associates is nearing completion of The Iris, a 430-unit apartment community located at 1133 N. Capitol St. NE in Washington, D.C.’s NoMa district. The public-private partnership, along with property management firm Greystar, began tours and accepting lease applications last month at the 380,000-square-foot property. The first move-ins will begin next week. The Iris is a 13-story community featuring studio, one-, two- and three-bedroom apartments, 20 percent of which will be reserved for households earning 60 percent or less of the area median income (AMI). Monthly rental rates start at $1,820, according to Apartments.com. Amenities include a rooftop pool, dog park, coworking space, fitness center, sports bar, outdoor kitchen, private dining room, reading library and a mail and package center, as well as two levels of subterranean parking. The design-build team includes general contractor CBG Building Partners and architectural firm Moya Design Partners. The Iris represents Phase I of the three-phase adaptive reuse of the former DCHA headquarters site.

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AcquisitionsDistrict of ColumbiaOfficeSoutheast

Taicoon Property Partners Acquires 152,000 SF Office Building in D.C.

by John Nelson

WASHINGTON, D.C. — Taicoon Property Partners has acquired 1899 L, a 152,000-square-foot office building situated along Restaurant Row in Washington, D.C. The property was renovated in 2022, with improvements to the main lobby, elevator cabs, HVAC, conference center, fitness center and bike room. The buyer plans to implement further renovations, including an updated façade, enhanced restrooms and common areas, redesigned retail storefronts and modernization of the amenities and infrastructure. Charlie Smiroldo and Matt Pacinelli of Stream Realty Partners represented Taicoon in the transaction. Stream also serves as the leasing agent for the building, which features available suites ranging from 2,500 to 13,000 square feet. Collins Ege and Bradley Allen of Eastdil Secured represented the undisclosed seller. The sales price was also not disclosed.

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District of ColumbiaSoutheast

US Economy Adds 175,000 Jobs in April, Falling Below Estimates

by John Nelson

WASHINGTON, D.C. — Total nonfarm employment in the United States increased by 175,000 jobs in April, according to the U.S. Bureau of Labor Statistics (BLS). This marks a departure from the predictions of Dow Jones economists who anticipated a more robust increase of 240,000, according to CNBC. The unemployment rate increased to 3.9 percent, defying expectations that it would remain at 3.8 percent. This brings the rate to its highest since January 2022. The April number falls far below the employment figures of March — which were revised up by 12,000, reaching a new total of 315,000 jobs — as well as the average monthly gain of 242,000 over the prior 12 months. Total nonfarm employment figures for February were revised down by 34,000, leaving the figure at 236,000. Healthcare saw the most significant increase, adding 56,000 jobs. Transportation and warehousing and retail trade were the only other sectors with notable changes. Transportation and warehousing added 22,000 jobs, and the retail trade increased employment by a similar 20,000. Government and construction employment changed little in April, adding 8,000 and 9,000 jobs, respectively. Other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; information; financial activities; professional …

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District of ColumbiaLoansSoutheast

MBA: Total Commercial Real Estate Lending Declined 47 Percent in 2023

by John Nelson

WASHINGTON, D.C. — Total commercial real estate lending is estimated to have totaled $429 billion in 2023, according to a year-end report from the Mortgage Bankers Association (MBA). This figure represents a 47 percent decline from 2022 when lending volume totaled $816 billion and a 52 percent decrease from the record $891 billion set in 2021. Jamie Woodwell, MBA’s head of commercial real estate research, attributes the drop-off in loan volume last year to a combination of higher interest rates and uncertainty with property values and operating fundamentals in some property sectors, namely office. “The declines were broad-based, covering every major property type and capital source,” says Woodwell. “Much of the drop in originations was driven by a decline in borrower demand stemming from slowdowns in sales transactions and refinances. If property owners had the ability to sit pat, they generally did.” According to MBA, depositories such as banks were the leading capital source of mortgage debt for commercial real estate loans, followed by life insurance companies and pension funds, government-sponsored enterprises (Fannie Mae and Freddie Mac), private label CMBS and investor-driven lenders. Among different property types, multifamily properties saw the highest volume last year, with an estimated $264 billion …

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DevelopmentDistrict of ColumbiaLeasing ActivityOfficeRetailSoutheast

Marx Realty Completes Renovations at One Glover Office Building in D.C., Signs Lease With Fitness Concept

by John Nelson

WASHINGTON, D.C. — Marx Realty has completed renovations at One Glover, a 110,000-square-foot office building located at 2121 Wisconsin Ave. in Washington, D.C.’s Georgetown/Glover Park neighborhood. Additionally, the firm has signed a 10-year, 6,650-square-foot retail lease with Water Street Gym, a boutique fitness concept. John Schlagel of Transwestern represented Water Street Gym in the lease negotiations, and Mark Wooters and James Collins of Cushman & Wakefield represented Marx Realty. Updates to One Glover included an overhaul of the façade and the addition of an outdoor gathering area with seating options, lobby lounge and a garden room. Other updates include a uniform doorman and atmospheric music and scents throughout the building’s common areas. Marx Realty’s in-house design team partnered with Studios Architecture for the One Glover project. Office tenants of the building include Nexstar Media Group, George Sexton and Associates and DispatchHealth. Language immersion preschool CommuniKids occupies nearly 9,000 square feet on the ground level.

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District of ColumbiaSoutheast

US Economy Adds 303,000 Jobs in March, Led by Gains in Healthcare and Government Sectors

by John Nelson

WASHINGTON, D.C. — Nonfarm employment in the United States rose by 303,000 jobs in March, according to the U.S. Bureau of Labor Statistics (BLS). The March total eclipsed the expectation of 200,000 jobs set by Dow Jones economists, according to CNBC. The figure also exceeds the average monthly gain of 231,000 jobs over the past 12 months. The employment sectors that saw the biggest leap last month were in healthcare (72,000 jobs) and government (71,000 jobs). Within the healthcare industry, employment in ambulatory healthcare services rose by 28,000 jobs, followed by employment in hospitals (27,000) and nursing and residential care facilities (18,000). The healthcare industry’s average monthly gain is 60,000 over the past 12 months. Government employment in March surpassed the rolling 12-month average of 54,000 jobs. Over the month, employment increased in local government (49,000) and federal government (9,000). Other sectors that saw above-average increases in March included construction (39,000 jobs compared to its 12-month average of 19,000) and leisure and hospitality (49,000 jobs compared to an average of 37,000 over the prior 12 months). The BLS also reports that employment in leisure and hospitality has returned to its pre-pandemic level set in February 2020. The sector was the …

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AcquisitionsDistrict of ColumbiaOfficeSoutheast

JLL Brokers $95M Sale of 1099 New York Avenue Office Building in D.C.

by John Nelson

WASHINGTON, D.C. — JLL Capital Markets has brokered the $95 million sale of 1099 New York Avenue, an 11-story office building located in Washington, D.C. Situated four blocks away from the White House, the property totals 180,878 square feet. The building, which was 95 percent leased to eight tenants at the time of sale, features floor plates averaging 17,500 square feet. A joint venture between affiliates of Quadrangle Development Corp. and FarmView Ventures acquired the property with plans to add a fitness center and reposition the rooftop. Andrew Weir, Jim Meisel, Matt Nicholson, David Baker and Kevin Byrd of JLL represented the undisclosed seller in the transaction.

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DevelopmentDistrict of ColumbiaLoansMultifamilySoutheast

Berkadia Arranges $172M Construction Financing for Residential Tower in South Florida

by John Nelson

NORTH MIAMI, FLA. — Berkadia has arranged a $172 million loan to finance the construction of ONE Park Tower by Turnberry, a residential tower located at 2411 Laguna Circle in North Miami. Scott Wadler, Alec Fox, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia secured the financing through Bank OZK on behalf of the developer, Turnberry. Upon completion, the community will total 292 condominiums in one-, two- and three-bedroom layouts. Arquitectonica designed the 33-story building. Amenities at the property will include a beach club, fitness center, social deck, spas and concierge service. A construction timeline was not disclosed.

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AcquisitionsDistrict of ColumbiaHospitalitySoutheast

Apple Hospitality REIT Purchases Hotel in D.C. for $116.8M

by John Nelson

WASHINGTON, D.C. — Apple Hospitality REIT has acquired the AC Hotel by Marriott Washington D.C. Convention Center in Washington, D.C., for $116.8 million. Opened in 2020, the property features 234 rooms at 601 K Street NW. Amenities at the hotel include a 1,500-square-foot fitness center, rooftop bar and restaurant and ground-floor retail space. The seller was not disclosed.

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