MACK-CALI, FISHER BUY INTEREST IN D.C. APARTMENT BUILDING FOR $46.5M

WASHINGTON, D.C. — A joint venture between Mack-Cali Realty Corp. and Fisher Brothers has acquired a 50 percent interest in a luxury multifamily project under construction at 701 2nd St. in Washington, D.C., for $46.5 million. The 377-unit project will feature 25,000 square feet of retail space, a fitness center, clubroom, demonstration kitchen, swimming pool, hot tub, grilling stations, rooftop garden, dog run, landscaped gardens, outdoor projection screening area and a 309-space underground parking garage. The joint venture has a 20-year debt in-place totaling $100.7 million. The apartment building is expected to be completed in mid-2015, with leasing beginning in the first quarter of 2015. Mack-Cali’s Roseland subsidiary will operate the new luxury apartment community. The project team developing and designing the community includes Hickok Cole Architects, Rockwell Group, COOKFOX and Handel Architects.