TIAA-CREF Buys D.C. Apartment Asset from The JBG Cos. in Record Sale

TIAA-CREF buys in D.C.'s U-Street corridor; and The Praedium Group and Greystar Real Estate complete a repositioning play in Tampa/St. Petersburg, Fla.

WDC - Louis at 14thWashington, D.C.—Louis at 14th, a 268-unit mid-rise community in the Washington, D.C., U-Street Corridor, has sold for $176.5 million. The sale resulted in a record breaking $860 per square foot price according to ARA, which represented seller The JBG Companies. TIAA-CREF bought the nine-story development.

“JBG is very proud of the mixed-use development and believes it represents the company’s strength in creating great places that are a good fit for the community,” says Edward Chaglassian, a principal at The JBG Companies.

The property, which includes 152 below-grade parking spots and additional retail, was designed by Eric Colber & Associates in a partnership with interior designer Cecconi Simone. The rooftop amenity package includes fit pits, grilling stations, lounge-style seating and a pool. A resident’s lounge also includes a fitness center, yoga room, business center and full-service concierge. The development is also home to a new Trader Joe’s.

Praedium, Greystar complete value-add play with $53M Tampa disposition

Lincoln ShoresTampa/St. Petersburg, Fla.—The Praedium Group and Greystar Real Estate have finalized the sale of Lincoln Shores Apartments in Tampa/St. Petersburg. The duo acquired the 631-unit property in January 2010 for $24.2 million and sold it in July for $53 million.

“The sale of Lincoln Shores demonstrates our investment strategy of identifying and purchasing high-quality assets, located in growth markets and then repositioning the property through a targeted capital improvement campaign,” says Mark Lippman, managing director of The Praedium Group. “We currently own more than 2,100 units in Florida and are developing an additional 370 units. We continue to see strong demand drivers particularly in the Tampa/St. Petersburg market, and are actively investing in the Florida markets.”

Lincoln Shores was built in 1984 on 52-acres. The garden-style community features 50 two-story buildings. Amenities include three swimming pools, lighted tennis courts, four racquetball courts, a full basketball court, a sand-beach volleyball area and a fitness center.

“In our partnership with Praedium, we took advantage of the opportunity to acquire a superbly located asset in one of the region’s best submarkets at an extremely attractive basis when apartment values were depressed,” says Mark Hafner, senior managing director of Greystar.  “In implementing our operational and capital improvements, we were able to increase NOI during our ownership of the asset.”