WASHINGTON, DC—In October we reported that the McLean, VA-based Jefferson Apartment Group had its mixed-use project, Jefferson Marketplace, under contract.
The property has now closed, trading for $141 million, or $501,779 per unit and, according to a source, a 5% cap rate.
The buyer was Invesco Re.
Located at 1510-1518 7th St NW, Jefferson Marketplace embodies JAG's specialty, which is developing infill properties into mixed-use destinations.
JAG acquired the project for redevelopment in 2011 and the first units began delivering in Spring of last year.
Today it includes 281 luxury apartments, 230 below-grade parking spaces, and 13,400 square feet of retail.
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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.
