CBRE Global Investors Markets 300 Massachusetts Ave.

By Adrian Maties, Associate Editor CBRE Global Investors is marketing 300 Massachusetts Ave., N.W., in an attempt to take advantage of Washington, D.C.’s flourishing apartment sector, “Real Estate Alert” reported. The 371-unit Class A apartment community is expected to attract bids [...]

CBRE Global Investors is marketing 300 Massachusetts Ave., N.W., in an attempt to take advantage of Washington, D.C.’s flourishing apartment sector, “Real Estate Alert” reported. The 371-unit Class A apartment community is expected to attract bids of at least $160 million, or $284,000 per unit.

Known as Mass Court, the property was built in 2004 and is located at the intersection of three neighborhoods: Capitol Hill, Gallery Place-China Town and the Mt. Vernon Square Triangle. Mass Court is a well-designed steel-and-brick luxury high-rise apartment community. It consists of a nine-story tower attached to a 14-story tower, offering dramatic views of various Washington, D.C., landmarks. Mass Court is currently 97 percent occupied.

The loft-style apartments feature floor-to-ceiling windows, concrete flooring, granite countertops, walk-in closets, Italian-tile foyers and washer/dryers. Mass Court has a full amenity package that includes a parking garage; a heated rooftop pool with jacuzzi, sports track and fitness area; a fitness center with a yoga studio; a business center; an interior courtyard; a clubroom with theater; and a management-provided concierge.

CBRE acquired the luxury high-rise two years ago, in February 2010, as part of the CBRE Strategic Partners U.S. Value 5 fund. As it paid only $105.5 million ($284,000 per unit) for the two-tower complex, the real estate investment management firm should turn a hefty profit.

With $94.8 billion in assets under management, CBRE Global Investors is one of the world’s largest real estate investment management firms. It is an independently operated affiliate of full-service commercial real estate services company CBRE Group Inc. (NYSE:CBG), which employs approximately 36,000 people in more than 400 offices worldwide.