CBRE Global Investors Markets 300 Massachusetts Ave.
- Jan 19, 2012
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.