Joint Venture Buys D.C.’s Envoy Apartment Community for $27M
CBRE has recently announced the sale of another apartment property in the Washington, D.C. area. The Envoy, located at 2144 California Street, NW, is the third multi-family property to change hands this month in the region, following the sales of the 727-unit Cooper’s Crossing and the 399-unit Gramercy at Metropolitan Park.
By Adrian Maties, Associate Editor
CBRE announced the sale of another apartment property in the Washington, D.C., area. The Envoy, located at 2144 California St., N.W., is the third multi-family property to change hands in the region this month, following the sales of the 727-unit Cooper’s Crossing and the 399-unit Gramercy at Metropolitan Park.
A joint venture between Federal City Property Investors LLC and CBD LLC paid $27 million to acquire the property. The name of the seller was not disclosed. According to PropertyShark, The Envoy was previously owned by a company called Envoy Apartments. The real estate website lists the property’s current market value at a little over $14 million.
The Envoy was constructed in 1958. It features 113 apartment units. Amenities include a parking garage and a rooftop with spectacular 360-degree views of the city.
CBRE Washington, D.C., Multifamily Investment Properties team represented the seller in the transaction. In a news release, Robert Meehling, a CBRE senior vice president, said that The Envoy attracted a ”tremendously high level of investor interest,” thanks to its location in the affluent Kalorama community, close to Embassy Row’s numerous foreign embassies, international financial institutions and cultural centers.
Photo credit: CBRE
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