WASHINGTON, DC—As we reported yesterday, a source told us that Park Place had traded for $62million. Today one of the brokers of the dealconfirmed the transaction, which closed on Oct. 6, and gave someadditional details behind the deal—namely that it was an off-markettransaction and that the fundamentals of the Petwork market areintriguing not just to TA Associates, the seller, but otherinstitutional investors as well.

Briefly, Canyon-Johnson Urban Funds sold the 161-unit luxuryapartment building, situated on top of the Petworth Metro, for$385,093 per unit, to TA Associates. RandalHoward, Mid-Atlantic regional partner of Moran& Co., represented the seller in the transaction.

One driver behind the deal was the Petworth submarket, whichlike many urban infill locations within the greater DC area, isexperiencing unprecedented renter demand driven primarily by theinflux of Millennials seeking residence in the urban core, Howardsays.

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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.