{"id":1004101102,"date":"2014-07-24T08:55:11","date_gmt":"2014-07-24T16:55:11","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=278982"},"modified":"2020-05-11T01:31:41","modified_gmt":"2020-05-11T09:31:41","slug":"principal-pays-75m-for-new-m-f-asset-in-petworth","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/principal-pays-75m-for-new-m-f-asset-in-petworth\/","title":{"rendered":"Principal Pays $75M For New M-F Asset in Petworth"},"content":{"rendered":"<p><em style=\"text-align: justify;\">By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/07\/The-Swift-Apartments-Rendering_low-res.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-278984\" title=\"The-Swift-Apartments-Rendering_low-res\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/07\/The-Swift-Apartments-Rendering_low-res.jpg\" alt=\"\" width=\"300\" height=\"225\" \/><\/a>Principal Real Estate Investors is expanding its portfolio of properties on the East Cost. The Des Moines, Iowa-based company paid $75 million to acquire the Swift Apartments, a new Class A multi-family community located at 3828 Georgia Avenue NW in Washington, D.C.\u2019s Petworth neighborhood.<\/p>\n<p style=\"text-align: justify;\">Cassidy Turley represented the seller, an affiliate of Duball L.L.C. The Cassidy Turley team consisted of Managing Director Christopher Doerr, Vice Chairman Bill Collins and Vice Chairman Paul Collins. &#8220;Petworth has become one of the trendiest neighborhoods in Washington, D.C.,&#8221; Doerr said in a statement.<\/p>\n<p style=\"text-align: justify;\">Duball is now putting the finishing touches on the development.  Buvermo provided institutional equity and Eagle Bank the third party construction lender for the project.<\/p>\n<p style=\"text-align: justify;\">Swift Apartments will feature 218 studio, one- and two-bedroom units, as well as a 64,000-square-foot Safeway store on the ground floor. Other amenities include a 9,200-square-foot rooftop with grilling areas, an open-air courtyard, state-of-the-art fitness center, two-story lobby and a modern club room. The project will be a candidate for LEED Silver certification.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/07\/2843446.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-278983\" title=\"2843446\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/07\/2843446.jpg\" alt=\"\" width=\"300\" height=\"297\" \/><\/a><\/p>\n<p>According to Marcus &amp; Millichap Real Estate Investment Services Inc.\u2019s recent local market report,  multi-family transaction velocity increased 14% during the most recent 12-month period. The largest increase in deal flow was recorded in the District itself, where the average price was $148,200 per unit. The Swift Apartments changed hands for about $344,000 per unit.<\/p>\n<p style=\"text-align: justify;\">Although the region\u2019s overall vacancy is on the rise, due to new completions and a disappointing employment market, newer buildings are well received. Vacancy at buildings constructed since 2000 decreased to 5.8%. And operators of these properties also reduced rents to $1,887 per month in the first quarter of the year, a decline of 2.9% year-over-year.<\/p>\n<address style=\"text-align: justify;\"><em>Rendering courtesy of <\/em><a href=\"https:\/\/www.cassidyturley.com\/\" rel=\"nofollow\" ><em>Cassidy Turley<\/em><\/a><em><span style=\"text-decoration: underline;\">.<\/span><\/em><\/address>\n<address style=\"text-align: justify;\"><em>Charts courtesy of <\/em><a href=\"https:\/\/www.marcusmillichap.com\" rel=\"nofollow\"><em>Marcus &amp; Millichap<\/em><\/a><em>.<\/em><\/address>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Principal Real Estate Investors is expanding its portfolio of properties on the East Cost. The Des Moines-based company paid $75 million to acquire The Swift Apartments, a new Class A multifamily community in Washington, D.C.&rsquo;s Petworth neighborhood.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[1815],"class_list":["post-1004101102","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Principal Pays $75M For New M-F Asset in Petworth - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/principal-pays-75m-for-new-m-f-asset-in-petworth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Principal Pays $75M For New M-F Asset in Petworth\" \/>\n<meta property=\"og:description\" content=\"Principal Real Estate Investors is expanding its portfolio of properties on the East Cost. The Des Moines-based company paid $75 million to acquire The Swift Apartments, a new Class A multifamily community in Washington, D.C.&rsquo;s Petworth neighborhood.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/principal-pays-75m-for-new-m-f-asset-in-petworth\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-07-24T16:55:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-11T09:31:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/07\/The-Swift-Apartments-Rendering_low-res.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/principal-pays-75m-for-new-m-f-asset-in-petworth\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/principal-pays-75m-for-new-m-f-asset-in-petworth\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Principal Pays $75M For New M-F Asset in Petworth\",\"datePublished\":\"2014-07-24T16:55:11+00:00\",\"dateModified\":\"2020-05-11T09:31:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/principal-pays-75m-for-new-m-f-asset-in-petworth\\\/\"},\"wordCount\":301,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/principal-pays-75m-for-new-m-f-asset-in-petworth\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/07\\\/The-Swift-Apartments-Rendering_low-res.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"News\",\"Washington D.C.\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/principal-pays-75m-for-new-m-f-asset-in-petworth\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/principal-pays-75m-for-new-m-f-asset-in-petworth\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/principal-pays-75m-for-new-m-f-asset-in-petworth\\\/\",\"name\":\"Principal Pays $75M For New M-F Asset in Petworth - 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