MRP Realty JV Buys Washington Gateway Assets
The company has partnered with Barings to develop phases II and III.
WASHINGTON, DC-A joint venture between MRP Realty and investment manager Bargins has acquired phases II and III at the Washington Gateway in the NoMa submarket. Financial terms were not revealed.
Barings, which is acting on behalf of an institutional investor, and MRP Realty will develop the property.
The Phase II development will be an apartment community of 387 units and include a fitness center, rooftop deck with pool, club room, and dog run. Phase III will be an integrated parking garage serving all three Washington Gateway phases (Elevation Gateway, Phase II and Phase III). Construction of the garage will begin concurrently with Phase II construction as the team begins the design process of the Phase III tower. Phases II and III will complement Elevation at Washington Gateway which was delivered by MRP Realty and Barings (Cornerstone Real Estate Advisers) in 2014.
“We believe the demand for this location has been consistently strong since we developed Elevation – which stabilized in July 2015 after just 11 months,” said MRP Principal Matt Robinson said in prepared remarks.