Harbor Group Pays $59M for DC Luxury Community
- Nov 08, 2019
Harbor Group International has purchased Palette at Arts District, a 243-unit Class A community in Hyattsville, Md., for $58.9 million. According to Yardi Matrix data, the seller was a joint venture between PGIM Real Estate and Woodfield Investments. JLL negotiated on behalf of the seller and procured the buyer, also brokering a 10-year, $45.9 million Fannie Mae acquisition loan.
The property is set on 2.7 acres at 5501 45th Ave. in Hyattsville’s Arts District, 6.5 miles northeast of downtown Washington, D.C., and 2 miles south of the University of Maryland. Located near U.S. Route 1, Palette at Arts District is less than 1 mile from the Riverdale MARC Station in an area with many shopping and dining options.
Palette at Arts District opened in 2013, and its unit mix comprises studio, one- and two-bedroom floorplans averaging 870 square feet. The property also has three retail spaces totaling 4,000 square feet. Amenities include a swimming pool, rooftop deck, fitness center, pet spa and clubroom. The community was 92.6 percent occupied as of September, per Yardi Matrix data.
JLL Capital Markets’ Walter Coker and Brian Crivella led the team representing the seller, while Jamie Leachman with the company’s debt placement team secured financing for the buyer. In September, Coker and Crivella were instrumental in the $141 million sale of a 496-unit community in Northern Virginia.