WASHINGTON, DC—Altus Realty, in a joint venture with a regional investor, is planning to build a 220,000-square foot, mixed-use project in the Baseball District on a 30,357-square foot parcel of land it recently acquired.
The project has been facilitated by MAC Realty Advisors, which arrange the sale of the land on behalf of several land owners and then arranged an acquisition and predevelopment loan from a regional bank. Finally, it helped structure the JV between Altus Realty and the regional investor.
The project's development costs tally up to $80 million MAC Realty Advisors' Bruce Levin tells GlobeSt.com. It will deliver in 2018.
The project will have about 250 apartment units plus some retail, Levin also says. "There is a lot of development in the Baseball district, but this project is particularly attractive because it will be directly facing the Washington Nationals Stadium."
Besides Levin, Andrew McAllister, Ben Lazarus, and Nick Rubenstein led the marketing effort for MAC.
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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.
