WC Smith Sells Luxury NoMa Building Famous For Resident Bulldog For $104M
WC Smith sold the 2M Street luxury apartment building it developed in NoMa to Avanath Capital Management, Bisnow has learned.
California-based Avanath purchased the building at 2 M St. NE for $103.5M, according to a deed posted Wednesday to the Washington, D.C., Recorder of Deeds. WC Smith confirmed the sale Wednesday.
"2M set out what we wanted to achieve — a fully leased, stabilized property with an active, diverse mix of residents,” WC Smith Chairman and CEO Chris Smith said in a statement. “The timing was right for us to seek new ownership that shared our vision for 2M and that had the commitment and experience to ensure that vision was maintained.”
The deal transfers ownership of one of the early luxury apartment buildings to enter the NoMa market. 2M added fuel to the amenity war when it opened in 2014 by offering an indoor basketball court and an English bulldog puppy named Emmy residents could briefly borrow or visit in the leasing office.
Emmy died last month, a spokesperson for WC Smith told Bisnow, saying, "She will be missed."
When 2M debuted, the Washington area saw a then-record 39,122 apartments planned or under construction, The Washington Post reported. For comparison, there are approximately 37,100 apartments in the 36-month pipeline in the area today, UrbanTurf reported.
By 2017, 99% of the 314 units in the building were leased. The building also included 93 affordable units in 2017, including some through the Section 8 housing program. WC Smith refinanced the LEED Gold-certified building through Fannie Mae's green certification program that year.
A spokesperson for Avanath didn't respond to questions about its plans for the buildings. It has already taken over management of the building, Bisnow has learned.
Avanath owns five properties totaling 603 units in Maryland, according to its website, including the Acclaim at Germantown.
