{"id":1004124895,"date":"2015-08-07T09:01:29","date_gmt":"2015-08-07T17:01:29","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=357097"},"modified":"2022-12-08T03:24:14","modified_gmt":"2022-12-08T11:24:14","slug":"jbg-cbre-join-mega-forces-to-invest-in-a-trilogy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jbg-cbre-join-mega-forces-to-invest-in-a-trilogy\/","title":{"rendered":"JBG, CBRE Join Mega-Forces to Invest in a Trilogy"},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/em><\/p>\n

\"Trilogy<\/a><\/p>\n

Trilogy NoMa<\/p>\n<\/div>\n

What happens when two giants join forces? Great things. Or, in this case, great acquisitions.<\/p>\n

The two real estate giants in this story are the JBG Cos.<\/a> and CBRE Global Investment Partners.<\/a> Last December, they formed a joint venture targeted at buying high-quality assets in the Washington, D.C., metro area, and now they have closed on their second acquisition.<\/p>\n

According to<\/a> the Washington Business Journal<\/em>, the joint venture is now the new owner of the 603-unit NoMa Trilogy apartment project at 151 Q St., NE. It purchased the asset in a transaction that closed on July 31 for $213 million, or $253,233 per unit. Mill Creek Residential Trust<\/a>, the seller, placed the project on the market last year and retained Holliday Fenoglio Fowler L.P.<\/a>\u00a0to market it. Former HFF brokers Dave Nachison, Alan Davis, Brendan Flood, Tim Stanton and Bret Thompson represented Mill Creek in the sale. They now work for Eastdil Secured.<\/p>\n

Trilogy NoMa<\/a> opened in the fall of 2012 as the largest single-phase multifamily project to deliver in Washington, D.C., in recent history. It consists of three buildings – Cirq, Linq and Esqe \u2013 with a mix of studio, one- and two-bedroom units.<\/p>\n

When they formed the venture, CBRE and JBG said they intend to invest approximately $250 million in equity to acquire $500 million worth of office, retail and multifamily assets. But it seems they might go well beyond that initial investment estimate. The joint venture\u2019s first acquisition was The Foundry, a 232,000-square-foot office building in the Georgetown submarket. That property traded for $79.5 million.<\/p>\n

Photo credit: <\/em>Mill Creek Residential Trust<\/em><\/a> <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

What happens when two giants join forces? Great things. Or, in this case, great acquisitions.<\/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":[],"class_list":["post-1004124895","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc"],"acf":[],"yoast_head":"\nJBG, CBRE Join Mega-Forces to Invest in a Trilogy - 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\/jbg-cbre-join-mega-forces-to-invest-in-a-trilogy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JBG, CBRE Join Mega-Forces to Invest in a Trilogy\" \/>\n<meta property=\"og:description\" content=\"What happens when two giants join forces? 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