This Week’s D.C. Deal Sheet: College Park Apartments Sell For Less Than Half Their 2021 Price
A 135-unit student housing property in College Park has traded hands for $10.5M.
That is about 43% of the price the property sold for in 2021, when it garnered $24.5M, according to Maryland property records.
New York-based Cape Advisors was the buyer of 4800 Berwyn House Road. The six-story property, built in 1965, sits just off College Park's busy Route 1 corridor, roughly half a mile from the University of Maryland campus.
The seller is listed as UC Propco LLC, the same entity that purchased the property in 2021. The signatory for the entity is Benjamin James Harvey.
Cape Advisors plans to turn the student housing property into multifamily, Commercial Observer reported in December, when Cape secured a $25.4M loan from RMWC to acquire and renovate the property.
LEASES
Security consulting firm Pallas Advisors is nearly doubling its footprint in D.C. with a move to 888 17th St. NW. The firm inked an 11K SF lease at the Brawner Building near Farragut North. As part of the move, Pallas received funding from the city’s $10M Vitality Fund grant program that seeks to incentivize companies to remain in, expand in or relocate to the District and add jobs. Pallas expects to add 45 new jobs to its 29-person team over the next five years. Mayor Muriel Bowser attended the company’s ribbon-cutting ceremony Thursday. Colliers’ Josh Cramer represented Pallas Advisors and helped secure its financing through the Vitality Fund.
***
BXP landed six new retailers at its 5M SF Reston Town Center complex, the company announced this week. The tenants are modern American restaurant Clarity, Toastique, Yunnan by Potomac Noodle House, health and wellness brand iCryo, boutique store Urbi Goods and plant-based cookie shop MidnighTreats. Also expected to open at Reston Town Center this year are Shake Shack, Kusshi Sushi and Corsica Wine Bar. Women’s clothing boutique Everve opened earlier this month.
***
Google signed a deal to open its first D.C.-area retail store in Georgetown. The tech giant is opening a 7K SF location at 3235 M St. NW, landlord EastBanc announced this week. The lease term is 10 years. The store is set to offer devices and accessories as well as repair, support and workshops. JLL represented Google, and EastBanc was represented in-house.
***
Compass Coffee is opening a Dupont Circle location. The local chain inked a long-term lease for 1,500 SF at Quadrangle Development Corp.'s 2130 P St. NW, Miller Walker Retail Real Estate announced Friday. The owner is making streetscape improvements to the storefronts at the property and expects to complete them this spring, which is when Compass plans to open its doors.
SALES
DiamondRock Hospitality Co. sold a 410-room Westin hotel in downtown D.C. for $92M, it announced this week. The buyer was Kentucky-based Columbia Sussex, according to D.C. deed records. Bethesda-based DiamondRock had acquired the property at 1400 M St. NW in July 2012 from Blackstone for $153M, according to D.C. deed records.
***
America’s Credit Unions sold a vacant, 30K SF property in Arlington, formerly the home of the National Association of Federally-Insured Credit Unions. Cresa, which represented the seller of 3138 10th St. N., announced the deal this week. It comes after NAFICU merged with Credit Union National Association to form America’s Credit Unions, the entity that sold the property. America’s Credit Unions is now located in 21K SF at Navy Yard's 99 M St. SE.
BRB Development Group purchased the property for $6M, according to Arlington property records, and plans to turn it into a self-storage facility. Cresa’s Gene Sachs, Jonathan Harms and Natalie Gosnell were the seller’s brokers.
UPDATE, FEB. 23, 10 P.M. ET: The Pallas Advisors lease item was updated with the firm’s broker.
