Eastbanc Sells Apartments Above West End Library For $79M
Eastbanc has sold the 93-unit apartment and retail components of Westlight, a mixed-use building that also includes high-end condos where Kamala Harris lived before becoming vice president.
MEAG, German insurance company Munich Re’s asset manager, acquired the property at 1110 23rd St. NW, CBRE Investment Management announced Friday. It said the acquisition was made “in cooperation” with CBRE IM.
The sale appeared in D.C. deeds records Tuesday under two separate transactions — one for $3M and another for $76.2M.
Eastbanc developed the project with JBG Smith in 2018, but JBG appeared to no longer have equity in the property as of Q2, according to its latest investor materials.
Eastbanc and JBG declined to comment on the sale.
MEAG Head of Real Estate Asset Management International Volker Zinkl said the acquisition was “an ideal addition to Munich Re's growing U.S. residential portfolio.”
“We are convinced of the long-term outperformance of walkable prime locations, which continue to attract talent and foster economic growth with their attractive environment,” he added.
The property sits above the West End library and 7,200 SF of retail, which was also included in the sale. The retail tenants include Bluestone Lane and restaurant Imperfecto.
Eastbanc and JBG Smith began marketing the apartment component for sale in 2019, the year after they delivered it.
The 71-unit condominium portion included some of the priciest new homes in the District when they went on sale in 2016. Harris bought one of the building's units in 2017 for $1.78M and sold it in 2021 for $1.85M.
