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.

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