Jamestown Acquires U Street's The Ellington Apartment Building
The Ellington, one of the early apartment projects of U Street's development wave, has just sold to a foreign investor.
Jamestown, a German-backed, Atlanta-based investor with over $11B of assets under management, acquired the 190-unit apartment building at 1301 U St. NW, the company announced Friday. Eastdil Secured represented the building's seller, TH Real Estate.
The building was constructed in 2004, a pioneering development on the historic corridor that has seen a surge of new mixed-use projects over the last decade. Its 16,760 SF of ground-floor retail includes Mexican restaurant Alero, Japanese restaurant Toku, Bin 1301 Wine Bar, TaKorean, United Bank and Mattress Firm. Jamestown bought the building for $120M, the Washington Business Journal reports, after TH Real Estate acquired it for $100M in 2011.
One of the top foreign owners of D.C. real estate, Jamestown owns more than a dozen high-end retail properties in Georgetown, the America's Square office building at 300 New Jersey Ave. NW and Ballston's Stafford Place office complex.
Jamestown CEO Matt Bronfman told Bisnow last year his company has $1B to invest in major U.S. cities, and he is bullish on the D.C. market. Jamestown is under contract to sell its Chelsea Market building in New York City to Google for over $2B, a deal that would provide another big influx of capital for the investor.
