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

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

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.