This Week's D.C. Deal Sheet
A 355-unit residential development broke ground this week in Woodbridge, Virginia. NRP Group is developing the 15-acre site into five buildings with market-rate apartments.
The development received a construction loan from Santander Bank and financing from alternative investment firm Angelo Gordon, NRP said in a release. The Lake Pointe project, sitting 20 miles south of D.C. in Prince William County, is expected to deliver in 2025.
“This project represents our commitment to delivering best-in-class multifamily housing that meets the evolving needs of today's residents," NRP Group Senior Vice President of Development Josh Wooldridge said in a statement. "With its prime location and modern amenities, Lake Pointe is poised to become a sought-after residence for those seeking convenient, comfortable, and stylish living options in the greater Washington, D.C. area."
NRP Group is a vertically integrated multifamily developer, owner, builder and manager that operates across the East Coast and Southeast. Since its founding in 1994, the company has developed 50,000 apartments. It manages 25,000 residential units.
LEASES
MRP Realty announced three new vendors coming to the Bryant Street Market food hall. Doki Doki BBQ, Grassfed Griddle and Jaliyaa Coffee are expected to open this summer, joining vendors Taqueria Habanero, Tiger Sugar and Blowfish Poke. The 2,400 SF food hall is located on the ground floor of The Chase, one of the buildings within MRP’s mixed-use development near the Metropolitan Branch Trail and the Rhode Island Avenue Metro station.
Doki Doki BBQ, from Kevin Tien and Judy Beltrano, will meld Asian flavors with inspiration from Tien’s Texas and Louisiana roots. Grassfed Griddle, which has had a temporary stall in the market since it opened in March will serve ethically, sustainably and locally sourced casual fare. And Jaliyaa Coffee will pour out African-sourced brews and deliver social justice programming, while 5% of its profits will go to fighting global food insecurity. MRP has one more Bryant Street Market stall still to be announced, according to the press release.
MILESTONES
A residential development for LGBTQ+ individuals over the age of 60 broke ground in the Fort Dupont neighborhood of Ward 7. The $11.6M development will create 15 single-occupancy residential units and over 5K SF of communal space on a 9K SF site.
The project comes out of a partnership between Mary’s House and Northern Real Estate Urban Ventures. The building will be constructed on the site of Mary's House CEO Imani Woody's childhood home, which is slated for demolition. Mayor Muriel Bowser, Delegate Eleanor Holmes Norton and members of the D.C. Council joined other funders and community supporters at the groundbreaking Wednesday.
SALES
Douglas Development Corp. sold a Penn Quarter building it has owned since 2005 for $5.6M, according to D.C. deed records. The property at 911 F St. NW, longtime home to the Ultrabar nightclub, appears to have sold to the owners of the club. It was sold to Vault on F LLC, an entity registered to 911 F St. NW, the same address as the nightclub, and a trust document for the purchase was signed by Dimitrios Maramas, who is listed along with Ultrabar owner Antonios Karagounis as one of the parties behind the entity. In 2005, Douglas Development paid $3.3M for the property, according to deed records.
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An eight-story mixed-use building in the West End was sold at a foreclosure auction for $40M, Bisnow first reported. Principal Real Estate Investors had owned the property since 2014, purchasing it for $75M, with a $43M loan from New York Life Insurance Co. An entity named 7K 2401 LLC, represented by its lawyer Earl Glock, purchased the property at Wednesday’s auction in upper Northwest D.C. The entity had purchased the note from the lender days before the auction was held. A person with knowledge of the transaction told Bisnow the buyer is a family office.
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Excelsa Properties purchased a 335-unit multifamily development, Concord Park at Russett, in Laurel, Maryland, for $105.5M. With the purchase, the company also assumed the property’s 3.4% interest-only loan and supplemented it with a fixed-rate interest-only loan with a similar maturity date. The two loans have a weighted average interest rate of 3.7%, according to a press release.
Excelsa plans to invest $4.4M on appliance and maintenance upgrades to the property at 7903 Orion Circle. The purchase represents Excelsa’s fourth multifamily acquisition.
