WASHINGTON, DC—A source tells GlobeSt.com that the McLean, VA-based Jefferson Apartment Group has found a buyer for Jefferson Marketplace and it is currently under contract. GlobeSt.com contacted JAG for comment but has not heard back.

JAG's last major sale in the District was in 2013 when it and its development partners Perseus Realty and Rockpoint Group sold 14W, a 231-unit luxury apartment building in the U Street neighborhood for $110 million, after developing the project two years prior.

JAG president Jim Butz told reporters at the time that the company hadn't originally planned to sell 14W; presumably the offer was too good to pass up.

In more recent years JAG refined its focus to include acquisitions as well development, but for many years its sweet spot was redeveloping infill properties into mixed-use destinations – a category that includes Jefferson Marketplace. JAG acquired the project for redevelopment in 2011 and the first units began delivering in Spring of last year.

Today it includes 281 luxury apartments, 230 below-grade parking spaces, and 13,400 square feet of retail. First units will deliver in spring 2014. It is also located adjacent to the much-anticipated City Market at O, a one-million-square foot development.

JAG is currently developing its first 100% affordable workforce housing project, a $58 million endeavor called The Residences at Government Center, located in Fairfax, VA.