WASHINGTON, DC—The JBG Cos. has closed on its deal to acquire Trilogy NoMa, a 603-unit apartment. Sources, as well as the Washington Business Journal, are putting the final price at $215 million. Earlier this year, we reported that Mill Creek Residential had found a buyer for the property – JBG Cos. and CBRE Global Investors – and that it was set to trade at $210 million.
The cap rate, a source tells us, is 5%.
Delivered two years ago, Trilogy NoMa is representative of the wave of development that flooded the submarket before the start of the recession. JBG Prinicipal Tiffany Butcher called it "one of the most connected neighborhoods in Washington.." Trilogy NoMa itself is indicative of the submarket's determination ten or more years ago, to recreate itself into the unicorn of urban real estate: a live-work-play community built around transit. Today, the stabilized three-building community is located next to the Metropolitan Branch trail and very close to Union Market, a Harris Teeter grocery and the NoMa-Gallaudet Metro station.
The transaction was sourced through HFF, which represented the seller.
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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.
