District of Columbia

First-Ever Crowdfunded Real Estate Project Opens in D.C.

by John Nelson April 14, 2015

WASHINGTON, D.C. — Fundrise has announced that the first-ever crowdfunded real estate project has opened in Washington, D.C.’s H Street Corridor. The project is known as Maketto, a communal food and retail market located at 1351 H St. N.E. The property will include a new restaurant from chef Erik Bruner-Yang of Toki Underground in D.C.; a DURKL retail store; gourmet coffee shop; bakery; and outdoor vendor stalls. Fundrise raised $325,000 from 175 individual, unaccredited investors who invested anywhere from $100 to $10,000 into the project. Maketto was not only Fundrise’s first offering when the platform launched in 2012, but the first real estate project in the country to allow investment from individuals online. Since its founding, Fundrise has activated more than 50,000 investors for real estate projects in top markets around the country, including landmark developments such as 3 World Trade Center in Manhattan. For a video on the Maketto project, click here.

April 14, 2015

District of Columbia Multifamily Southeast

Greysteel Brokers Sale of Apartment Community in Northeast D.C.

by John Nelson April 8, 2015

WASHINGTON, D.C. — The Greysteel Co. has brokered the sale of Hampton Park, a 24-unit multifamily that also includes an adjacent land parcel located at 1215-1225 49th St. in northeast Washington, D.C. The property is located in Washington’s Deanwood neighborhood and is situated three blocks from the Deadwood Metrorail station. The seller, Mary Jenkins, sold the asset to Saha Capital Investments LLC for an undisclosed amount. Ari Firoozabadi, Kyle Tangney, John Mullen, Lance Ahmadian, Mike Bediones, Jake Ying and Alicia Orkisz of Greysteel represented the seller in the transaction.

April 8, 2015

District of Columbia Office Southeast

HFF Brokers $109M Sale of Downtown D.C. Office Building

by John Nelson April 2, 2015

WASHINGTON, D.C. — HFF has brokered the $109 million sale of a 195,624-square-foot office building located at 2025 M St. N.W. in downtown Washington, D.C.’s Golden Triangle area. James Meisel, Dek Potts, Andrew Weir, Stephen Conley, Matthew Nicholson and Jessica Diorio of HFF represented the seller, a partnership between The Oliver Carr Co. and Clark Enterprises Inc. Mikeone EK purchased the asset, which was fully leased at the time of sale to tenants such as Kaplan, Radio Free Asia and Smith Bucklin. CBRE arranged acquisition financing for the transaction.

April 2, 2015

Residences on the Avenue Washington, D.C.

District of Columbia Loans Multifamily Southeast

Prudential Mortgage Provides $110M Acquisition Loan for D.C. Apartment Community

by John Nelson April 1, 2015

WASHINGTON, D.C. — Prudential Mortgage Capital Co. has provided a $110 million Fannie Mae loan to acquire Residences on the Avenue, a 335-unit apartment community in Washington, D.C.’s Foggy Bottom neighborhood. The property is the only high-rise residential building between Georgetown and the central business district. Completed in 2011, the community’s amenity package includes a fitness and wellness center with a spa, rooftop deck with a pool and grilling areas and 24-hour concierge services. Residences on the Avenue also includes 50,000 square feet of retail space split into five units. Whole Foods Market is the anchor in a long-term lease. Prudential provided the acquisition loan to an unnamed real estate investment manager.

April 1, 2015

District of Columbia Loans Office Southeast

CBRE Arranges $63.6M Acquisition Loan for D.C. Office Building

by John Nelson March 31, 2015

WASHINGTON, D.C. — CBRE Capital Markets’ debt and structured finance team has arranged $63.6 million in acquisition financing for a 195,624-square-foot office building located at 2025 M St. in Washington, D.C.’s central business district. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami office arranged the 10-year loan through Philadelphia-based RAIT Financial Trust on behalf of the borrower, a private family interest in Brazil. The loan features three years of interest-only payments.

March 31, 2015

Embassy Towers Washington, D.C. Adams Morgan

District of Columbia Multifamily Southeast

UIP, Lubert-Adler Acquire Apartment Building in D.C. for $13.3M

by John Nelson March 31, 2015

WASHINGTON, D.C. — Urban Investment Partners (UIP) and Lubert-Adler Partners have teamed up to acquire Embassy Towers, a 72-unit apartment building located in Washington, D.C.’s Adams Morgan neighborhood, for $13.3 million. The property is located at 1620 Fuller St. N.W. The Embassy Towers Tenant Association has not decided whether the property will remain an apartment building or convert into a condominium project. Alan Davis and Brendan Flood of HFF represented the seller, a family consortium, in the transaction. UIP subsidiaries UIP Property Management Inc. and UIP General Contracting Inc. will handle property management duties and renovations to Embassy Towers, respectively.

March 31, 2015

District of Columbia Southeast

Federal Capital, Self Storage Zone Break Ground on Self Storage Facility in D.C.

by John Nelson March 25, 2015

WASHINGTON, D.C. — A joint venture partnership between Federal Capital Partners and Self Storage Zone has begun construction on a 1,381-unit self storage facility located at 1850 New York Ave. N.E. in Washington, D.C. The facility will span 112,775 square feet. The joint venture has previously developed and opened a 1,034-unit self storage facility at 645 Taylor St. N.E. in Washington, D.C.

March 25, 2015

District of Columbia Mixed-Use Retail Southeast

AFIAA Purchases Arch Square in D.C.’s East End for $104.3M

by John Nelson March 3, 2015

WASHINGTON, D.C. — AFIAA, the investment foundation of 35 Swiss pension funds, has purchased Arch Square, a mixed-use building in Washington, D.C.’s Chinatown neighborhood, for roughly $104.3 million. The 54,896-square-foot property was built before World War II and refurbished in 2012. The property features retail space on the first two floors and office space on the top two floors. The office space is leased to the Alliance of Automobile Manufacturers, and the property’s retail tenant roster includes Walgreens, Sports Zone Elite and Panera Bread. Arch Square is located less than one mile from the White House at the corner of 7th and H streets in Washington, D.C.’s East End submarket.

March 3, 2015

District of Columbia Multifamily Southeast

Renaissance Centro Delivers Luxury Apartment Community in Metro D.C.

by John Nelson February 25, 2015

RESTON, VA. — Multifamily developer Renaissance Centro has delivered Harrison at Reston Town Center, a 360-unit luxury apartment community located at 1800 Jonathan Way in Reston, 22 miles west of Washington, D.C. According to Renaissance Centro, the community is 20 percent pre-leased. Located across the street from Reston Town Center, the multifamily property features more than 28,000 square feet of amenity space, including an indoor lap pool, on-site Starbucks Coffee, 24-hour fitness center, resident lounge, outdoor pool and sundeck, media room, business center, conference rooms, culinary center, dog park and pet spa. The property also has an underground parking garage and a bus stop for Metro’s Silver Line. All residents will have membership to the Reston Association, which operates 15 swimming pools, 52 tennis courts, 1,350 acres of open space and 55 miles of paved pathways and trails. Community Realty Co. is providing property management services for Harrison at Reston Town Center. According to the property’s website (liveharrisonapts.com), rental rates range from $1,855 to $6,605.

February 25, 2015

District of Columbia Office Southeast

Oxford Properties Group Acquires Interest in Washington Center in D.C.

by John Nelson February 20, 2015

WASHINGTON, D.C. — Oxford Properties Group has purchased a 49.7 percent stake in Washington Center, a 335,000-square-foot office building located at 1001 G St. N.W. in Washington, D.C.’s East End submarket. Oxford Properties Group is the real estate arm of OMERS, the pension plan for municipal employees in Ontario. Oxford partnered with the 12-story building’s developer, Quadrangle Development Corp., in the transaction. QDC Property Management will continue to manage the asset on behalf of the joint venture and QuikPark, also a Quadrangle affiliate, will continue to manage the five-story, below-grade parking garage.

February 20, 2015

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