CBRE Brokers Class AA Apts. Sale Transaction Between PREI and CBRE Investors
- Feb 22, 2010
Washington, D.C.–CB Richard Ellis arranged the sale of Mass Court, a 371-unit Class AA luxury rental apartment property at 300 Massachusetts Avenue, NW, in Washington, D.C.’s East End.
The seller was Prudential Real Estate Investors (PREI), acting on behalf of institutional investors, and the buyer was CB Richard Ellis Investors, based in Los Angeles.
The CB Richard Ellis Washington D.C. Multi-Housing Investment Properties Group of Bill Roohan, Andy Boyer, Mike Muldowney, Jonathan Greenberg, Michael Rudolph, John Sheridan and Brian Margerum brokered the transaction.
“Mass Court is a spectacular property located at the intersection of three of Washington, D.C.’s thriving neighborhoods: Capitol Hill, Gallery Place-China Town and the Mt. Vernon Square Triangle. It differentiates itself in the market because it offers both traditional apartment units as well as loft-style apartments,” says Bill Roohan, vice chairman.
Maury Zanoff, Joe Donato and Matthew Williams of CBRE’s Capital Markets Mid-Atlantic Debt and Equity Finance Group arranged financing for the purchaser.
Built in 2004, Mass Court features views of Washington, D.C., numerous rooftop amenities including a resort-style pool with jacuzzi, sports track and fitness area, indoor fitness center with a separate yoga and aerobics room, a club room with a theater area and first floor retail space. The loft-style apartments offer sealed concrete flooring, granite countertops, floor-to-ceiling windows, and in some units, second story areas.