WASHINGTON, DC—A source tells GlobeSt.com that TA Realty is acquiring the apartment building at 850 Quincy St NW for approximately $62 million or $385,093 per unit. Called Park Place, the six-story apartment building has 161 units and is located in the hot Columbia Heights submarket.
Park Place delivered in 2009 as the quintessential transit-oriented project: it sits on top of the entrance to the Petworth Metro station at Georgia and New Hampshire avenues, NW. The seller is the Canyon-Johnson Urban Fund.
This off-market deal was quietly pulled together by Donald B. Tennant, Jr., senior director of Institutional Property Advisors' Washington D.C. office. Tennant represented the buyer and one of the sellers along with his colleague Joe Esparza. IPA is a division of Marcus & Millichap.
Canyon-Johnson has sold a number of assets over the last several months. In May it sold the Marq*E Entertainment Center in Houston for $80 million. In December of 2013 it sold the Intracoastal Mall in North Miami Beach for $63.5 million. In November of that year it sold an office building in Chicago for $98 million. In September it sold another office building in Nashville for $152 million.
It also sold another asset in Washington DC last year: Onyx On First, at 1100 1st St SE, which traded for $83 million to unnamed institutional investors advised by J.P. Morgan Asset Management–Global Real Assets.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
