District of Columbia

ACC, Georgetown University Begin Residence Hall Renovation, Expansion

by John Nelson September 20, 2023

WASHINGTON, D.C. — A public-private partnership between American Campus Communities (ACC) and Georgetown University has broken ground on the redevelopment of Henle Village, an existing residence hall on the university’s campus in Washington, D.C. Following renovations, the community will offer an additional 278 beds, bringing the property’s bed count to 740. The residence hall will offer apartment-style units with kitchens and in-unit bathrooms. The project, which is expected for completion in summer 2025, is targeting LEED Platinum certification. The development team for the project includes RAMSA Robert A.M. Stern Architects and John Moriarty & Associates.

September 20, 2023

District of Columbia Southeast

US Economy Adds 187,000 Jobs in August, Beating Expectations But Falling Below Average Growth

by John Nelson September 1, 2023

WASHINGTON, D.C. — Total nonfarm employment in the United States increased by 187,000 in August, according to the Bureau of Labor Statistics (BLS). These findings reflect greater growth than anticipated, with economists previously predicting an increase of 170,000, according to CNBC. Despite this, 187,000 remains below the average monthly gain of 271,000 over the prior 12 months. The healthcare, leisure and hospitality and social assistance sectors added 71,000, 40,000 and 26,000 positions, respectively. Construction employment increased by 22,000, and employment in the professional and business services saw a modest increase of 19,000. Transportation and warehousing lost 34,000 jobs in August, and employment in other sectors saw little change. The unemployment rate for August is 3.8 percent, marking a 30-basis-point increase from July and the highest unemployment level since February. Additionally, the BLS significantly revised down the nonfarm employment numbers for June and July. With revisions, combined employment in the two months was 110,000 lower than previously reported. According to CNBC, the August report largely aligns with Federal Reserve’s expectations, and the central bank is expected to refrain from increasing interest rates at its September meeting. However, the Fed is expected to make a final increase for the year in October.

September 1, 2023

Affordable Housing Development District of Columbia Multifamily Southeast

Hoffman & Associates Nears Completion of 449-Unit Westerly Apartment Community in Southwest D.C.

by John Nelson August 28, 2023

WASHINGTON, D.C. — Hoffman & Associates is nearing completion of The Westerly, a 449-unit apartment community in the Southwest neighborhood of Washington, D.C. Set to deliver later this year, the community will include residences in one- and two-bedroom layouts, 20,000 square feet of amenity space and 29,000 square feet of retail space. Committed retail tenants will include Good Company Doughnut Café and Apple Tree Public Charter School. Thirty percent of apartments at The Westerly will be reserved for households earning at or below 30 and 50 percent of the median family income (MFI). Amenities will include a rooftop with a pool deck, terrace, grills and lounge areas, game rooms, TV and library lounges, a 3,900-square-foot fitness center and 2,200 square feet of coworking and meeting space. Leasing at the property, which was designed by Hickok Cole, is scheduled to begin later this summer. The Westerly will be situated three blocks from The Wharf, a $3.6 billion mixed-use development that Hoffman & Associates co-developed, and one block from the Waterfront Metro station.

August 28, 2023

District of Columbia Loans Multifamily Southeast

Walker & Dunlop Provides $108.8M Loan for Park Chelsea Apartments in D.C.

by John Nelson August 10, 2023

WASHINGTON, D.C. — Walker & Dunlop has provided a $108.8 million Fannie Mae loan for the refinancing of Park Chelsea, a 429-unit apartment building located in Washington, D.C.’s Capitol Riverfront neighborhood. The borrower, WC Smith, developed the property in 2016 as the first phase of The Collective, a 1,138-unit apartment development. Brendan Coleman and Connor Locke of Walker & Dunlop originated the financing. Park Chelsea’s amenities include a leasing center, 24-hour concierge, club room/game room, library, conference room and a garden room. Additionally, residents of The Collective have access to amenities across all three phases of the project, including indoor green space with an amphitheater, a full-size basketball court, outdoor singles tennis court and coworking space.

August 10, 2023

District of Columbia Southeast

US Economy Adds 187,000 Jobs in July, Marking Little Change from June

by John Nelson August 4, 2023

WASHINGTON, D.C. — Total nonfarm employment in the United States rose by 187,000 jobs in July, according to the Bureau of Labor Statistics (BLS). This marks slower growth than predicted by economists, reports CNBC, with the Dow Jones estimating an increase of 200,000. July’s job growth shows little change from June, which the BLS revised down by 24,000 to 185,000. Healthcare added 63,000 jobs in July and social assistance added 24,000 jobs. Employment in financial activities increased by 19,000. Construction employment also increased by 19,000 jobs, and leisure and hospitality fields showed little change, with an increase of 17,000. The unemployment rate remained steady, with a slight decrease to 3.5 percent from the 3.6 percent rate in June.

August 4, 2023

Development District of Columbia Mixed-Use Southeast

Akridge, National Development Top Out 2.7 MSF Stacks Development in D.C.

by John Nelson August 2, 2023

WASHINGTON, D.C. — Akridge and National Real Estate Development (National Development) have topped out Phase I of The Stacks, a 2.7 million-square-foot mixed-use development in Washington, D.C. Situated in the city’s Capitol Riverfront district and within the Buzzard Point neighborhood, Phase I of the project is dubbed Building B, which is one of three 14-story residential towers coming to the development. The first phase will feature 1,100 apartments, 35,000 square feet of retail space, 300,000 square feet of below-grade parking and loading and a 15,000-square-foot public park. General contractor Clark Construction has finished vertical construction on Building B and will now pivot to finishing concrete operations on Buildings A and C. Bank OZK provided construction financing for the project. The Stacks is jointly owned by Akridge, National Development, Bridge Investment Group, Blue Coast Capital and institutional funds managed by National Real Estate Advisors. The project team expects to fully deliver The Stacks by the end of 2025.

August 2, 2023

Development District of Columbia Office Southeast Top Stories

Arctaris Impact Investors Opens $152M Northeast Heights Opportunity Zone Office Project in Washington, D.C.

by Jeff Shaw July 28, 2023

WASHINGTON, D.C. — Arctaris Impact Investors LLC has completed Phase I of Northeast Heights, a six-story, 281,000-square-foot office building in Ward 7 of Washington, D.C. The office building is located in a Qualified Opportunity Zone, which is an economically distressed area where new investments may be eligible for preferential tax treatment. The office building is the first phase of a three-phase, $600 million effort to revitalize Ward 7, according to Arctaris’ website. Future phases of Northeast Heights are expected to include a grocery store redevelopment, approximately 1,300 residential units and community spaces. According to Arctaris, the project was catalyzed by D.C. Mayor Muriel Bowser’s mandate for city agencies to use the leasing power of the D.C. government to encourage economic development in historically underserved communities. Northeast Heights was pre-leased to the city’s Department of General Services and will serve as the new headquarters for the agency, which employs approximately 700 people. The Department of General Services was the first city agency to sign a contract for office space east of the Anacostia River under this initiative. “Arctaris is proud to be part of the coalition led by Mayor Bowser, combining forces with like-minded, community-oriented investors to help bring new vitality …

July 28, 2023

Development District of Columbia Hospitality Office Southeast

Altus Realty to Convert Downtown D.C. Office Building Into Mint House Flexible Rental Space

by John Nelson July 26, 2023

WASHINGTON, D.C. — Altus Realty plans to convert an 11-story office building located at 1010 Vermont Ave. NW into Mint House Downtown Washington, D.C. Set to open in early 2025, the property will encompass 85 apartment-style flexible rental units that Mint House will operate. The spaces will be designed for guests who need accommodations ranging from two days to two months. The rooms will range from studios to two-bedroom units that will include a kitchen with a stove and dishwasher, as well as washers/dryers and work spaces. Amenities will include an onsite fitness facility, meeting space and a café. Altus Realty plans to begin repositioning the former office building this fall. The property is situated near a Metro station, McPherson Square Park, The White House and DuPont Circle. This will be the first location in downtown D.C. for Mint House, which operates 25 flexible rental destinations in 16 states. Mint House recently opened locations in Dallas; Birmingham, Ala., and St. Petersburg, Fla.

July 26, 2023

Acquisitions District of Columbia Retail Southeast

PRP Acquires Spring Valley Village Shopping Center in D.C. for $47.5M

by John Nelson July 25, 2023

WASHINGTON, D.C. — PRP has acquired Spring Valley Village, a 95,000-square-foot shopping center in Washington, D.C.’s Spring Valley neighborhood. The undisclosed seller sold the property for $47.5 million. Originally constructed in 1939 and renovated in 2017, the center comprises six buildings that were 98 percent leased at the time of sale to tenants including Crate & Barrel, Millie’s Restaurant, Capital One Bank, Starbucks, Small Door Veterinary, Compass Coffee and Blue Lane. Spring Valley Village is listed on the National Register of Historic Places.

July 25, 2023

District of Columbia Retail Southeast

US Retail Sales Rise in June, NRF Predicts Strong July Activity With Back-to-School Shopping

by John Nelson July 19, 2023

WASHINGTON, D.C. — The U.S. Census Bureau reports that overall retail sales in June rose 0.2 percent from May and 1.5 percent from June 2022. Barron’s and other media outlets are reporting that economists had previously forecasted that June sales would grow 0.6 percent from May. The Wall Street Journal reports that the retail sector’s three consecutive months of positive sales activity can be attributed, in part, to inflation easing. The Consumer Price Index, the U.S. Bureau of Labor Statistics’ leading indicator for inflation, rose at an annualized rate of 3 percent in June, the lowest figure since March 2021. The National Retail Federation (NRF), a Washington, D.C.-based advocacy organization for the retail industry, expects the momentum to carry into July as consumers shop for back-to-school items. “Back-to-class spending is one of the most important shopping occasions of the year, and NRF’s consumer research shows that back-to-school and college spending is expected to set new records,” says Matthew Shay, president and CEO of NRF. “Consumers are looking for the best value and deals, and retailers are well-stocked with essential items for families and students.” The NRF’s own calculation of retail sales excludes automobile dealers, gas stations and restaurants in order …

July 19, 2023

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