Washington, D.C. – Our Investment Property Search took us to the Nation’s Capital. Apparently the Jefferson Apartment Group and Perseus Realty LLC have formed a (JV) Joint Venture to redevelop the Anthony Bowen YMCA site at 14th and W streets NW. The Investment Property Buyers plan to build a $75 Million, 231-unit, seven-story mixed-use Investment Property. This Investment Property will have 12,200 square feet of retail space for net leased property on the first floor. The Investment Property will also have underground parking. Additionally, the project will include the redevelopment of the historic Anthony Bowen YMCA building into a 44,000-square-foot fitness, wellness and child care facility.
Commercial Mortgage Lenders have funded the construction loan so the companies will be ready for this project. Commercial Mortgage Lenders funded a 65% LTV loan of $53 million. The Investment Property construction should start next month.
The JV Team of Jefferson and Perseus expect to start the Investment Property construction and now will name it 14W. This Investment Property should have 8% of the residential units to be rented at below-market rates. Currently the city has approved a 10-year tax abatement for the Investment Property, which was originally announced in 2007 and stalled because of the woeful economy.
This Investment Property Project is one of the few apartment buildings entering Washington D.C. area. An Investment Property is being built at the Mt. Vernon Triangle. Owners of the Investment Properties in this Washington D.C. area feel the timing is excellent, and that construction costs are likely as low as they will get. This Investment Property site was purchased in a distressed situation. The Investment Property could have the first units ready in the summer of 2012. Jefferson Apartment Group has had a busy year since it launched in 2009. It now has three other Investment Property projects in their pipeline for next year that total $190 million. One of these Investment Properties is the Tellus, which is in Rosslyn-Ballston Corridor at Courthouse Metro workforce housing for Fairfax County in a project called Residents at Government Center; and a 208-unit project, also in Fairfax County.
The company has made one acquisition and is short-listed for another 300-unit, garden-style apartment building in the Mid-Atlantic. The commercial real estate investment firm hopes to add to their Investment Property Portfolio next year for roughly 1,000 units. It appears they are starting to get active in Boston and Florida commercial real estate markets.
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