WASHINGTON, DC—TIAA-CREF broke its own record last week when it purchased The Woodley apartment development here for a reported price of $195 million.
The purchase of the 212-unit multifamily property at 2700 Woodley Road from The JBG Cos. calculated out to $920,000 per unit, which is considered the highest price ever paid per unit for a multifamily property in the District region.
The transaction far outpaced the company’s former record-setting multifamily deal involving the 2011 purchase of The Palatine in Arlington for $142 million. That deal was valued at approximately $540,000 per unit, according to the Washington Business Journal.
Holliday Fenoglio Fowler LP‘s Dave Nachison, who brokered The Woodley deal, says the property garnered significant international and domestic investor interest.
“Without a doubt, all at once it becomes the premier residential address in D.C.,” Nachison says. See story in the Washington Business Journal.