Washington Business Journal
Last month, Equity Residential closed on a high-riseapartment building in this submarket, paying $85 million toacquire the property from Sunburst Hospitality. In October 2009, itacquiredMetropolitan at Pentagon Row, a 326-unit luxury apartmenthigh-rise that traded for $100 million. According to the Equityspokesman, the DCarea "is a core market for us. We arealwayslooking for the opportunity to add high-quality assets."
The property is a "wonderful asset," says Greg Leisch, presidentandCEO of Delta Associates, which helped underwrite offers for afewpotential buyers. "I would guess it was chased by about 30 ormorepurchasers. It was quite a beauty contest."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
