WASHINGTON, DC—TIAA-CREF has made another major acquisition in the Washington DC area market: it is acquiring Flats 130, a 643-unit apartment complex in the NoMA submarket for a total of $295 million. The Washington Business Journal first reported the deal Thursday afternoon; GlobeSt.com confirmed it with an independent source.
The Walton Street Capital and StonebridgeCarras JV is the seller.
The math behind the deal breaks down in the following manner, our source tells us:
Phase 1 of the project, which consists of 440 units and 50,000-square feet of retail that includes the Harris Teeter store and delivered in 2010, is trading for approximately $201.9 million.
Phase 2, which delivered last year, has 203 units and is trading for $93.1 million. Both buildings have 13 floors.
TIAA-CREF ha been an active trader in the US property markets lately, including DC. In the last several weeks, it recently partnered with Norges Bank Investment Management to buy the Capitol Hill property, the Hall of States, for $165 million. That same JV also acquired 800 17th St. for $392 million, or $1,075 per square foot. In San Francisco, TIAA-CREF agreed to sell 50 Fremont St. to Salesforce.com for $640 million.
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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.
