This Week's D.C. Deal Sheet
Leasing is kicking off in the coming weeks at Hoffman & Associates’ new multifamily building with retail in Southwest D.C., and the developer has unveiled a new name and other details on the project, which is scheduled to deliver by the end of the year.
Branded as The Westerly, the 400K SF mixed-use residential building is three blocks from the developer’s $3.6B Wharf development, which delivered its second and final phase in October.
The Westerly is planned for 449 residential units, 136 of which will be affordable, with some units reserved for households earning up to 30% of the median family income and others up to 50% of the MFI. Amenities include a rooftop pool, activated second-floor courtyard, lounge and entertainment rooms, a fitness center, an entertaining kitchen, and coworking and meeting spaces. It will also feature 29K SF of ground-floor retail, which is expected to house Good Company Doughnut Cafe, AppleTree Public Charter School and a dedicated cultural space. Torti Gallas + Partners is the architect.
Hoffman & Associates secured a land disposition and development agreement with the city in 2018 and obtained a 99-year ground lease for the project in 2020.
“As a part of the Southwest neighborhood, we are excited to announce The Westerly, a striking, modern residential offering with unparalleled amenity spaces,” Hoffman & Associates President Shawn Seaman said in a release.
“We are honored to deliver a residence that offers affordable housing and further fosters community within this vibrant neighborhood by bringing more locally-owned businesses, cultural space and early childhood education," he added.
LEASES
Event planning and execution company Syzygy Events International signed two leases totaling 21.6K SF at Arcadia Business Park in Fredrick, according to a release. St. John Properties owns the 61-acre business community at 4724 Arcadia Drive. A lease for 15.6K SF will house the corporate headquarters and design and construction teams, according to Syzygy President and CEO Julie Shanklin. The company leased another 6K SF for storage space. The company was formerly located in Gaithersburg. St. John Properties’ Danny Foit represented the landlord, and Tyler Duncan Realty Partners’ Tim Shanklin represented the tenant in both transactions.
SALES
GID Real Estate Investments purchased a 282-unit apartment community in Fairfax for $85.6M, JLL announced Wednesday. JLL Capital Markets brokered the deal on behalf of the seller, Stockbridge, for Arbors at Fair Lakes, a 1980s development at 4408 Oak Creek Court. Units average 920 SF, and community amenities include a fitness center, pool, business center, tennis court and track perimeter, and an outdoor lounge area.
The JLL Capital Markets investment sales advisory team was led by Managing Directors Bret Thompson and Robert Jenkins.
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American Real Estate Partners purchased for $120M a 200-unit build-to-rent townhome community under development in Ashburn. The McLean-based real estate firm partnered with GreenBarn Investment Group as a co-general partner to purchase the subdivision along the Metro’s new Silver Line terminus from Dream Finders Homes. Twenty-six townhomes are complete, with the rest set to deliver within the next 15 months. The development will feature amenities like sports courts, outdoor community green spaces, pet-friendly facilities and indoor-outdoor entertainment areas, according to a release.
MILESTONES
Construction topped off at a 501-unit mixed-use development in Buzzard Point, set to deliver in 2024. The Vermeer, designed by Orange County, California-based firm KTGY, is being developed by Toll Brothers and will include 38K SF of retail. Set across from the Audi Field soccer stadium, the development will feature rooftop tiered seating overlooking the stadium as well as a rooftop pool, fitness center, outdoor lounge, game room, conference rooms and a pet spa.
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A historic building on the corner of Eighth and H streets NW in Chinatown has hit the market. L3 Capital is marketing the property at 717-719 H St. NW as a redevelopment opportunity for office, retail, hospitality or multifamily. The building has already gone through a renovation and expansion approval with D.C.'s Historic Preservation Office and has a building permit to expand it from 10K SF to 12,358 SF. The listing price is $5.75M. L3 purchased the property in 2019 for $6M.
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Gelman Cos. and Kossow Management Corp. filed sketch plans for a 453-unit multifamily development in Bethesda. The latest in a series of redevelopment projects on Battery Lane, the developers plan to demolish a 60-year-old apartment building they jointly own at 4861 Battery Lane and replace it with a 12-story, 580K SF tower. Fifteen percent of the property’s units will be subject to Montgomery County's 99-year moderately priced dwelling unit regulations.
CORRECTION, SEPT. 5, 4 P.M. ET: A previous version of this story misidentified the headquarters for architecture firm KTGY. It has been updated.
