WASHINGTON, DC—An apartment building at 450 K St., NW, has traded for $106.5 million. Kettler, which developed the 323-unit building, sold it to New York City-based Ogden CAP Properties upon its delivery. HFF brokered the transaction.
The 13-story Mount Vernon Triangle luxury apartment building also has 6,500 square feet of retail as well as a number of high-end amenities including a meditative courtyard with fountain, fitness center, ride-in bike storage and maintenance shop, a club lounge and entertainment bar on the roof as well as a swimming pool, outdoor kitchen and barbeque grills. The building is anticipated to receive LEED Silver certification.
The company owns and manages several luxury apartment projects in New York City, including the Biltmore Plaza at 155 East 29th St., Dorchester Towers at 155 West 68th St., and One Lincoln Plaza at 20 West 64th St.
The acquisition marks Ogden Cap Properties' entry into DC's hyper-active multifamily market. Ogden has retained Kettler Management to manage the leasing activity at the M Flats.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
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.
