CBRE Arranges Sales of Two Luxury Apartment Buildings on Capitol Riverfront

CBRE arranged the sale of two elite, Class A high-rise apartment properties; and Red provides FHA, Fannie Mae seniors housing funding.

909 at Capitol Yards

Washington, D.C.–CBRE arranged the sale of two elite, Class A high-rise apartment properties, part of the three-building Capitol Yards Portfolio. The properties include the 237-unit 909 at Capitol Yards located at 909 New Jersey Avenue, SE and the 246-unit Axiom at Capitol Yards located at 100 Eye Street, SE, both in the heart of Washington D.C.’s growing Capitol Riverfront neighborhood. Institutional investors advised by J.P. Morgan Asset Management purchased the two assets from 909 New Jersey Avenue, L.P. and 100 Eye Street LLC.

“These two properties represent the height of apartment living. Each offers a lavish amenity package that appeals to the deeply discerning renter seeking luxury metro-accessible living and the rich amenities that continue to evolve in the exciting Capitol Riverfront neighborhood,” said Bill Roohan, vice chairman at CBRE.

Completed in 2008 and 2009 respectively, the Axiom and 909 offer residents the opportunity to take advantage of the “Live. Work. Play” urban lifestyle. The Washington National’s baseball stadium is just a few blocks from each property, and the U.S. Capitol Senate and House office buildings are just five blocks away. Two Metrorail stations are within walking distance, and the properties are near the Southeast Freeway (I-295) and I-395, providing direct access to downtown D.C., the Pentagon and Reagan National Airport. The surrounding neighborhood has benefitted from a flurry of retail activity, including the opening of a new upscale café and an outdoor bar, as well as signed leases for Harris Teeter, Austin Grill, and the Bavarian Beer Garden.

The two properties offer a range of amenities, including a clubrooms, swimming pools, fitness centers, business centers with conference rooms, sports lounge (Axiom), resident pub with HDTV and billiards (909 at Capitol Yards), designer kitchens, full-sized washers and dryers, and walk-in closets.

CBRE’s Washington D.C. Multi-Housing team of Bill Roohan, Andy Boyer, Mike Muldowney, Jonathan Greenberg, Michael Rudolph, Brian Margerum, Robert Meehling and Martha Hastings represented the seller in the transaction.

Red provides FHA, Fannie Mae seniors housing funding

Bellingham, Wash.– Red Mortgage Capital, LLC, one of the nation’s most active FHA MAP & LEAN lenders, recently processed and funded $29,098,700 of non-recourse FHA health care financing for two seniors/assisted living communities and $24,653,500 of Fannie Mae MBS/DUS Seniors financing for two additional facilities. Earlier this month, the firm announced it had closed seniors housing transactions in March totaling more than $125.8 million, including a $68,000,000 pool of FHA LEAN refinances.

Spring Creek Retirement & Assisted Living Community in Bellingham, Wash. received an $18,553,300 GNMA/FHA 232/223(f) loan to refinance its existing 166-unit facility. Red Mortgage Capital, LLC also processed a $10,545,400 GNMA/FHA 232 loan to provide construction and permanent financing for Parker Assisted Living, a 64-unit facility in Denver, Colorado.

In other seniors housing activity, Red Mortgage Capital, LLC funded a $12,757,500 Fannie Mae MBS/DUS loan for Pelican Pointe Assisted Living and Memory Care, a 112-unit facility in Klamath Falls, Oregon and a $11,896,000 Fannie Mae MBS/DUS loan for Eaglecrest Retirement Community, a 102-unit retirement community in Salina, Kansas which is composed of 62 independent and 40 assisted living units.