This Week's D.C. Deal Sheet
A 162-unit apartment building a block away from Amazon HQ2 has a new owner.
Fortis Cos. purchased the 1980s-era Marlowe Apartments for $48.5M from Equity Residential, Arlington County property records show.
The deal was announced Thursday by Berkadia, which arranged the financing for Fortis. Berkadia’s Patrick McGlohn, Brian Gould, Miles Drinkwalter and Pat Cunningham secured $40.6M in acquisition financing on behalf of the buyer.
Berkadia’s metro D.C. institutional sales team, led by Brian Crivella, Yalda Ghamarian and Bill Gribbin, brokered the sale on behalf of Equity Residential.
The apartment complex at 400 15th St. S. was developed in 1987. It sits a few blocks away from two new trophy apartment towers, The Grace and Reva, which JBG Smith developed with an equity investment of $422.2M.
“The asset’s prime location next to Amazon HQ2 combined with the sponsor’s thoughtful value-add renovation plan generated significant lender interest across various financing sources,” Gould said in a statement.
LEASES
A modern Japanese-inspired restaurant is headed for Federal Realty’s Pike & Rose development in North Bethesda. Mui is set to open this winter and take 8,500 SF at 967 Rose Ave., next to West Elm, the landlord announced. The tenant joins more than 50 others at the 24-acre Pike & Rose, including eateries Summer House Santa Monica, Fogo de Chão, &pizza, Sweetgreen and Julii.
MILESTONES
Hoffman & Associates has unveiled new details about a 400-unit apartment community coming to its West Falls neighborhood. The eight-story development will be called The Alder and is set to boast more than 26K SF of amenities, including a fitness center, a pet spa and an outdoor courtyard with a pool and ground-floor retail. Leasing is expected to begin this spring and move-ins this fall. Hoffman is the developer of West Falls, a 10-acre, multiphase project near the West Falls Church Metro station.
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Comstock celebrated the topping out of its JW Marriott and Residences at Reston Station Wednesday. The project is planned to include a 243-room hotel and 94 condos. The development is scheduled to open next year.
Next door, Vida Fitness is poised to open a new 50K SF location this month. The facility, the brand's largest to date, will offer dedicated spaces for a variety of its brands: SweatBox, Bang Salon, Aura Spa and Vida Pilates, as well as an oxygen treatment and recovery center and two restaurant concepts.
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The Montgomery Housing Partnership has launched a new $20M campaign, the nonprofit developer announced this week. The fundraising campaign is an effort to double MHP's impact by the end of the decade. MHP President Robert Goldman announced the campaign, Making Home Possible for All, at a reception Tuesday evening. The nonprofit has raised $15.8M so far, 79% of its goal, it said in a release. This year marks 35 years since MHP’s founding. The nonprofit has developed and owns more than 2,800 homes in Montgomery County and surrounding communities.
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A retail property across from Nationals Park has hit the market. The two-story 1299 First St. SE, owned by Anfield Stadium LLC, is being marketed by Transwestern, according to a brochure the brokerage shared with Bisnow. The 12,300 SF property, built in 2021, is fully leased to rooftop bar Takoda, speakeasy STFU, liquor store Housebar and TD Bank.
The tenants have a weighted average lease term of eight years. The brokerage anticipates the building will trade at $22M, Transwestern Executive Vice President Gerry Trainor told Bisnow.
