Washington, DC

WASHINGTON, DC--A venture between Rockpoint Fund V Acquisitions and Three Wall Capital has acquired the Beacon Hotel here.

The 13-story, 403,622 square foot asset is fully leased.

Reston Gateway will be developed in multiple phases and could ultimately have as much as 3.5-million square feet of mixed use space.

“This is a battle for shareholders -- a battle over who is telling the better story.”

“People are looking to buy hotels again, particularly as it is clear that interest rates will rise over the next year.”

Lerner is developing the project to LEED Silver Certification.

The CRE community feels that 150 basis point increase is about as high as it can tolerate before material adverse effects set in, according to Seyfarth Shaw's Real Estate Market Sentiment Survey.

“This transaction represents continued interest from institutional investors in high-quality assets in the Washington, DC market.”