Joint Venture Buys D.C.’s Envoy Apartment Community for $27M
- May 05, 2015
CBRE announced the sale of another apartment property in the Washington, D.C., area. The Envoy, located at 2144 California St., N.W., is the third multi-family property to change hands in the region this month, following the sales of the 727-unit Cooper’s Crossing and the 399-unit Gramercy at Metropolitan Park.
A joint venture between Federal City Property Investors LLC and CBD LLC paid $27 million to acquire the property. The name of the seller was not disclosed. According to PropertyShark, The Envoy was previously owned by a company called Envoy Apartments. The real estate website lists the property’s current market value at a little over $14 million.
The Envoy was constructed in 1958. It features 113 apartment units. Amenities include a parking garage and a rooftop with spectacular 360-degree views of the city.
CBRE Washington, D.C., Multifamily Investment Properties team represented the seller in the transaction. In a news release, Robert Meehling, a CBRE senior vice president, said that The Envoy attracted a ”tremendously high level of investor interest,” thanks to its location in the affluent Kalorama community, close to Embassy Row’s numerous foreign embassies, international financial institutions and cultural centers.
Photo credit: CBRE