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Trammell Crow Co. Pays $55M for Piece of U Street's Portner Flats Project

WASHINGTON, DC--High Street Residential, a division of Trammell Crow Co., has closed on a half-acre parcel on U Street that was once home to the 48-unit…

By Erika Morphy | erikamorphy | | Updated on July 11, 2016
Portner Flats Portner Flats

WASHINGTON, DC–High Street Residential, a division of Trammell Crow Co., has closed on a half-acre parcel on U Street that was once home to the 48-unit Portner Place Apartments, a Section 8 housing complex in the heart of the U Street corridor,  located on the 1400 block of U and V Streets, NW in Washington, DC.  It paid $55 million for the parcel as part of a partnership with Deutsche Asset Management to develop the 288-unit, market rate apartment building at 1441 U Street, NW, that will  also have more than 15,000 square feet of retail.

Delivery is expected in mid-2018, which sounds extremely expedient for a newly-closed parcel of land, save for the fact that pre-development has been under way for a while.

This building is part of a larger project called Portner Flats, which its developers believe could become a model for future urban projects in which affordable housing is part of the structure.

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