Original Southeast commercial real estate news & events for Atlanta, Carolinas, Memphis, Miami, Nashville, Orlando and Washington D.C. metro area; plus expert insights, commentary and analysis into secondary and tertiary regional and local markets.
The seller, a Wharton equity company, acquired the property in early 2017 in an off-market transaction from the original developer and thereafter undertook significant renovations at the property that produced dividends.
The recently completed property was acquired by Hudson Capital Properties, a New York-based company headed by the family that runs Hudson Media, the leading magazine distributor in the Northeastern U.S., as well as the nation's largest airport news and concessionaire.
The property, located at 2900 Connecticut Ave., NW in Washington's historic Woodley Park neighborhood, achieved occupancy stabilization in just eight months after the initial lease-up period.
"According to data by Climate Central, a quarter of Boston could be underwater by 2045. Additionally, catastrophic flooding in New York City may become more common over the next few decades, as pointed out in a 2017 study by Rutgers."
JPMorgan Chase issued a request for proposals today for cities to apply for possible funding that closes on Nov. 30, 2018. Winners will be announced in the spring of 2019.