DEAL OF THE DAY: JBG, CBRE Go Big in NoMa
The joint venture takes a big step forward in its campaign to deploy $250 million in equity in Washington, D.C.
Washington, D.C.—A joint venture between The JBS Cos. and CBRE Global Investors has closed one of the largest multifamily transactions in Washington, D.C., this year. The powerful duo picked up a 603-unit community in the NoMa-Eckington neighborhood from Mill Creek Residential. While a sales price was not formally released, The Washington Business Journal is reporting that Mill Creek Residential Trust sold Trilogy NoMa for $213 million.
Trilogy NoMa was completed in 2013. It is located next to the Metropolitan Branch trail and close to Union Market. Amenities include two pools with sundecks, two fitness studios, a theater room, terrace with grilling stations and a multimedia entertainment lounge. Rents are averaging $2,255 per month, according to Yardi Matrix records.
Via Google Maps.
“We believe Trilogy NoMa is poised to continue to prosper as NoMa-Eckington evolves into one of the most established neighborhoods in the District,” saidTiffany Butcher, a principal at JBG. “This is one of the most connected neighborhoods in Washington, and represents one of the most successful urbanization stories of any neighborhood in the U.S.”
HFF represented Mill Creek Residential in the sale. The JBG and CBRE joint venture dates back to December 2014, when the firms announced they were looking to invest $250 million in equity to acquire $500 million of office, retail and multifamily in the D.C. metro area.
