WASHINGTON, DC-Senate Square, a luxury apartment house in Downtown DC, has traded for $162.3 million, or $375,741 per unit. The seller, Westbrook Partners, was represented by Cassidy Turley’s Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy. LaSalle Investment Management acquired the property at what is one of the highest per unit comps to trade in the District.
Located in the H Street Corridor, Senate Square consists of two buildings: the 155-unit Concord Tower and the 277-apartment Lexington Tower.
Westwood acquired the property about a month ago in an auction, paying $41 million less than what it sold to LaSalle Investment Management. The transaction was described as a tussle by market observers, with various players vying for the property--both institutional and private. The $162.3-million price is an eye-popping one with multiple implications, says Ari Firoozabadi, vice president and director of Marcus & Millichap's National Multi-Housing Group in the District.
"At $375,741 per unit that price will require rents north of $350 per square foot for this to be a viable investment," he tells GlobeSt.com. "I would guess the buyer is betting on the strength of the DC rental market and continued rental growth downtown."
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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.
