JBG Smith Sells Luxury Tower for $194M
This deal marked the buyer’s fifth acquisition over the past 18 months.
Peterson Cos. has acquired the 322-unit luxury asset at 8001 Woodmont Ave., Bethesda, Md., for $194 million. JLL represented the seller, JBG Smith Properties.
This deal marked JBG Smith’s exit from the Bethesda market, as well as Peterson’s fifth national multifamily acquisition during the past 18 months, according to Washington Business Journal.
The 18-story tower came online in 2021. Its units—of which 15 percent are affordable, Yardi Matrix data shows—feature one- to three-bedroom layouts ranging from 722 to 2,100 square feet. The LEED Gold-certified property includes 19,452 square feet of ground-floor retail space anchored by Trader Joe’s.
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Downtown Washington, D.C., is about 8 miles southeast of the community, which is surrounded by more than 13 million square feet of office and retail space on a 1-mile radius, including Mariott International’s headquarters.
Community amenities include a swimming pool, gym, rooftop terrace, solar program and 24-hour concierge, as well as a package room with cold storage.
JLL Managing Directors Robert Jenkins and Bret Thompson, together with Director Andrew Gemma, led the brokerage crew that represented JBG Smith Properties in the transaction proceedings.
Multifamily investment thaws in D.C.
Greater Washington, D.C.’s multifamily transactions volume landed at $3 billion in 2024, surpassing 2023’s figure by $700 million, according to a Yardi Matrix report. However, the amount fell short of the annual average of $5.5 billion recorded since 2015, due in part to the high cost of capital.
The average advertised asking rents in D.C. were up 2.8 percent year-over-year in December, landing at $2,215, the same report shows. 8001 Woodmont’s rents stood at $3,489 in December, according to JBG Smith’s latest quarterly report.
The average apartment sale price dipped 2.9 percent year-over-year in 2024, settling at $263,000, the Yardi Matrix report reveals. 8001 Woodmont sold for nearly triple that, with the price per unit at $602,484. The last property that commanded a higher price per unit was Apartments at Westlight, the data provider shows. EastBanc sold the asset for $851,612 per unit last year.
Large D.C.-area deals continued in 2025. Last month, DSF Group paid $237 million for the 678-unit Town Square at Mark center, a community in Alexandria, Va. Equity Residential previously owned the asset.
