WASHINGTON, DC-Senate Square, a luxury apartment house inDowntown DC, has traded for $162.3 million, or $375,741 per unit.The seller, Westbrook Partners, was represented by Cassidy Turley’sBill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy.LaSalle Investment Management acquired the property at what is oneof the highest per unit comps to trade in the District.
Located in the H Street Corridor, Senate Square consists of twobuildings: the 155-unit Concord Tower and the 277-apartmentLexington Tower.
Westwood acquired the property about a month ago in an auction,paying $41 million less than what it sold to LaSalle InvestmentManagement. The transaction was described as a tussle by marketobservers, with various players vying for the property--bothinstitutional and private. The $162.3-million price is aneye-popping one with multiple implications, says Ari Firoozabadi,vice president and director of Marcus & Millichap's NationalMulti-Housing Group in the District.
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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.
