WASHINGTON, DC-Atlanta-based Gables Residential has acquired the244-unit V at CityVista in the Mount Vernon submarket. The project,located at the corner of 5th and K streets, was developed and soldby Los Angeles-based CIM Group and DC-based Bundy Development Corp.and Neighborhood Development Co. The acquisition was financed withFannie Mae through Deutsche Bank Berkshire Mortgage. Thepurchase price has not been disclosed.
The property, which will be re-branded Gables CityVista within thenext few months, is located in the 1.3-million-square-foot mixedCityVista project, which holds 441 condominium units--all but threeof which have been sold--and 116,691 square feet of ground floorretail that is anchored by a 55,000-square-foot Urban LifestyleSafeway.
This has been Gables’ first acquisition in the DC area in the pasttwo years, Jorgen Punda, regional vice president, tellsGlobeSt.com. The company is also turning its attention back to itscore activity of development, with plans to restart the 800-unitpipeline it had in 2008. The company is eying plans for a 100-plusunit in either Montgomery County, MD or Fairfax County, VA, Pundasays.
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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.
