JAG, Perseus Realty and Rockpoint Group Sell 231-Unit Luxury Apartment Building in D.C.
- Apr 30, 2013
Washington, D.C.—A joint venture between Jefferson Apartment Group (JAG), Perseus Realty and Rockpoint Group has sold 14W, a 231-unit luxury apartment building located in the popular U Street neighborhood of Washington, D.C.
The buyer and purchase price were not disclosed.
“The sale of 14W represents Jefferson Apartment Group’s strategic investment philosophy. After successfully delivering the project during a highly active time of transition for the neighborhood, JAG decided to capitalize on the opportunity for partners and investors,” Jim Butz, JAG’s president and CEO, tells MHN. “While it wasn’t our original intention to sell this well located community, JAG continues to provide opportunities for its investors to build assets for long term ownership as well as to offer a sales option.”
The property is a seven-story, mixed-use development located at the NE corner of 14th and W Streets in Northwest Washington, D.C. It was designed by HOK and Davis Carter Scott and includes high-design finishes in a residential mix of studios, and one- and two-bedroom units with den options.
The project’s retail space includes the 44,000 square foot Anthony Bowen YMCA with an indoor pool and wellness center, and three restaurants: Kapnos and G Sandwich Shop by celebrated chef Mike Isabella, and the fast-casual local favorite, Sweetgreen.
“14W has fed a significant portion of the exciting retail/restaurant deliveries along the 14th Street corridor with space for the highly anticipated new outpost of Chef Mike Isabella,” James Duncan, JAG’s CFO, tells MHN. “The 231 luxury apartments were built with smart, forward-thinking amenities that will retain their appeal over time, to in turn provide a strong return on investment.”
According to Duncan, 14W was envisioned with top-of-the-line amenities to ensure its market position as the leading luxury building in the area. As such, the building features a wide-range of community spaces including a yoga and fitness studio, library lounge with billiards and a rooftop lounge area with a sun deck. Apartments include solar window shades, wide plank flooring, contemporary kitchens with espresso cabinets and stainless steel appliances as well as large closets.
The YMCA in the building will include a six-lane indoor pool, a demonstration kitchen, a rooftop terrace, three group exercise studios and state of the art exercise equipment.
“14W was intentionally designed to dovetail with the young, metropolitan demographic that has perpetuated the growth of so many dynamic restaurants and stores in the area,” Butz says. “It was built with careful consideration to appeal to patrons of the establishments around the 14th Street and U Street area.”
The Washington office of HFF represented the seller in the transaction.