Washington D.C.
450-Unit Silver Spring Apartment Community Sells to JBG
The JBG Companies, a Chevy Chase-based private real estate development firm that develops, owns and manages office, residential, hotel and retail properties, has acquired the Falkland Chase apartments, a prominent apartment community in downtown Silver Spring. Home Properties of Rochester was the seller.
Akridge, Mitsui Fudosan America Celebrate Groundbreaking of 168,000 SF D.C. Office Building
Akridge, a full service real estate firm, and Mitsui Fudosan America, the U.S. subsidiary of Mitsui Fudosan Co., Ltd., Japan’s largest publicly quoted real estate company, celebrated the groundbreaking of a new trophy-class office project at 1200 Seventeenth Street on March 26. Mitsui Fudosan America’s CEO, Yukio Yoshida, Pillsbury Winthrop Shaw Pittman ‘s Managing Partner, Christina Kearns, and Akridge’s Chairman, John E. (Chip) Akridge, and Senior Vice President, P. Brian Connolly spoke at the event.
Campus Apartments, Howard University to Develop $107M Student Housing Project
Campus Apartments, LLC, the oldest and one of the largest privately held student housing companies in the nation, announced on March 19 it will develop two new on-campus residential facilities for the Howard University. The project has an estimated cost of $107 million and is expected to energize the southeast core of the campus.
Monday Properties, Goldman Obtain $200M Construction Loan for 1812 N. Moore St.
Monday Properties and Goldman Sachs’ Real Estate Principal Investment Area have closed a $200 million construction loan with Pacific Life Insurance Company for 1812 North Moore Street. The 390-foot building will be the tallest and greenest office tower in the Washington, DC region.
PREA Special Report: Housing Still Surest Bet in CRE
Despite construction costs on the rise and financing still not being up to par to pre-Great Recession times, real estate is still the soundest investment of today and tomorrow, according to commercial real estate high rollers who spoke at Pension Real Estate Association’s 2013 Spring Conference in Washington, D.C.
Insight Prepares to Add TODs Valued at $153M to DC Area
Insight Property Group announced on Monday it recently started work on two major transit-oriented apartment projects in the Washington, DC area. The Arlington, Virginia-based multifamily developer also said it is nearing completion on a third project. The total cost of these three projects is $153 million.
Concord Hospitality to Construct 182-Room Cambria Suites in Nation’s Capital
Choice Hotels International has taken its Cambria Suites in Washington, D.C., project skyward, marking a big step in the $40 million development of the Silver Spring, Md.-based company’s first Cambria Suites property in its own backyard.
Piedmont Acquires 334 KSF Office Building for $176M
Piedmont Office Realty Trust boosted its Washington, D.C., area portfolio this week by acquiring Arlington Gateway, a 12-story, Class A office property and one of the top buildings in the Rosslyn-Ballston corridor, for $176 million.
Hines Acquires Archstone Enterprises’ Interest in CityCenterDC Project
Hines has acquired Archstone Enterprises’ ownership interest in the two companies’ CityCenterDC mixed-use project, currently under construction in downtown Washington, D.C.
Renaissance Washington Completes $30M Hotel Renovation Project
The Renaissance Washington, DC Downtown Hotel, has finished a $30 million renovation project of its rooms and suites. Renaissance Hotels is a lifestyle brand within the Marriott International, Inc.