CBRE/JBG Joint Venture Buys Trilogy NoMa Apartments in Washington, D.C., for $213M
WASHINGTON, D.C. — A joint venture comprising The JBG Cos. and CBRE Global Investment Partners has purchased Trilogy NoMa, a 603-unit, five-story apartment building in Washington’s NoMa (North of Massachusetts Avenue) neighborhood, for a reported $213 million.
The purchase price equates to approximately $253,000 per unit. The transaction closed on July 31, according to the Washington Business Journal.
The seller of the property, Mill Creek Residential Trust, retained HFF to market the project last year. Former HFF brokers Dave Nachison, Alan Davis, Brenden Flood, Tim Stanton and Bret Thompson, now with Eastdil Secured, represented Mill Creek in the sale.
Mill Creek and Berkshire Property Advisors developed Trilogy NoMa in 2012.
JBG and CBRE Global formed the joint venture late last year to invest approximately $250 million in equity, which they hope to leverage to acquire $500 million in office, retail and multifamily properties.
The entity’s first acquisition was The Foundry in Washington’s Georgetown neighborhood, which it purchased for $79.5 million.
Amenities at Trilogy NoMa include a movie room with a 110-inch screen and theater seating.
The JBG Cos. is an investor, owner, developer and manager of real estate properties in the Washington metropolitan area.
CBRE Global Investors is an independently operated affiliate of CBRE Group Inc. with $88.4 billion in assets under management.
— Scott Reid