Multifamily developer Greystar has struck a deal to acquire a major development site north of Nationals Park in Southeast D.C., where it could potentially develop more than 1 million square feet of residential and retail space.
Greystar put the CSX site at 861 New Jersey Ave. SE under contract about a month ago for an undisclosed price, according to a source familiar with the deal. The property is assessed at nearly $72.7 million, an amount that increases to about $85.6 million in the District's 2019 tax year. It's familiar turf for the Charleston, South Carolina-based company, which previously developed the ORE 82 Apartments at 82 Eye St. with RCP Development Company. Greystar emerged as the winning bidder in what one source described as an extremely competitive marketing campaign kicked off by CBRE Group Inc. (NYSE: CBRE) in the fall. Representatives for Greystar and CBRE declined to comment. Greystar is expected to close on the acquisition in two phases, the first of which is slated for later this year. It plans mostly multifamily with some residential on the 7.34 acre site, with frontage on Eye Street and New Jersey Avenue. It's unclear just how many multifamily units Greystar plans for the property, but it would be building into a market that has seen a swell of new residential development in the Capitol Riverfront Business Improvement District, with projects from JBG Smith Properties, Forest City Washington and MRP Realty, among others. The Business Improvement District estimates some 2,000 residential units expected to break ground this year. Reported by the Washington Business Journal (May 23, 2018) For complete information on Greystar, including all corporate and division offices and top personnel, refer to The Directory of Multifamily Builders & Developers and Online Database.
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