WASHINGTON, DC–Rock Creek Property Group has acquired two contiguous mixed-used buildings that make up almost an entire city block. The two properties are located at 1801-1807 18th St., NW and 1755-1757 S St., NW, and are fully leased to more than a dozen commercial and residential tenants including Mandu, Blue Planet Scuba, Rosemary's Thyme Bistro, and the Dupont Market. The second floors of both buildings are creative office spaces.

The total purchase price was $7.5 million, or $328 per square foot. Rock Creek used Rock Creek Fund II, a $60 million discretionary real estate fund, to buy the properties. The seller was a private owner in the region who had controlled the assets for more than two decades.

Rock Creek is planning a long hold period for the properties and expects them to appreciate in rent and value, says Principal Gary Schlager. “They fit perfectly within our business plan to mix both development/value-added opportunities with longer-term, stabilized income-producing assets in the same investment vehicle.”

The company is working on a number of projects in and around the District, including ground-up mixed-use developments in the H Street and U Street corridors, as well as redeveloping projects in other prime submarkets including Takoma, Shaw, Old Town, 14 th Street, Dupont Circle and Montgomery County. Its recently completely projects include 1100 16 th Street, NW, 810 5th Street, NW in the heart of Gallery Place/Chinatown, the 88-unit Takoma Flats off Georgia Avenue, NW and The Shelby @ Huntington Metro, a 240-unit joint-venture, ground-up development.