WASHINGTON, DC–Bozzuto Homes has sold its 96-unit high-rise in the U Street Corridor to the Boston-based Berkshire Group. The financial details of the transaction were not disclosed in the announcement but a source tells GlobeSt.com that the property has traded for $53.6 million, or $558,333 per unit.
The eight floor property, located at 2011 15th St., NW, was developed last year in a joint venture between Bozzuto Group and NV Commercial.
Berkshire has been focusing on core multifamily assets as an investment strategy and this property fit its criteria, according to Jack Dent, managing director and portfolio manager of the Berkshire Group. “Washington, DC is a gateway market, and we believe it will continue to drive strong population and job growth in the future given the metro area's global importance,” he said in a prepared statement. “Berkshire15 fits well into our strategy of building a first class core apartment portfolio in markets expected to outperform national apartment fundamentals over the long term.”
Other recent investments the company has made include a 32-story, 292-unit high-rise in Chicago that also delivered last year, a 296-unit apartment community in Charlotte, NC that was part of a portfolio of properties Berkshire affiliates acquired from Crescent Communities in a pre-sale transaction. The portfolio consisted of approximately 1,700 units with properties located in major Southeastern US markets.
WASHINGTON, DC–Bozzuto Homes has sold its 96-unit high-rise in the U Street Corridor to the Boston-based Berkshire Group. The financial details of the transaction were not disclosed in the announcement but a source tells GlobeSt.com that the property has traded for $53.6 million, or $558,333 per unit.
The eight floor property, located at 2011 15th St., NW, was developed last year in a joint venture between Bozzuto Group and NV Commercial.
Berkshire has been focusing on core multifamily assets as an investment strategy and this property fit its criteria, according to Jack Dent, managing director and portfolio manager of the Berkshire Group. “Washington, DC is a gateway market, and we believe it will continue to drive strong population and job growth in the future given the metro area's global importance,” he said in a prepared statement. “Berkshire15 fits well into our strategy of building a first class core apartment portfolio in markets expected to outperform national apartment fundamentals over the long term.”
Other recent investments the company has made include a 32-story, 292-unit high-rise in Chicago that also delivered last year, a 296-unit apartment community in Charlotte, NC that was part of a portfolio of properties Berkshire affiliates acquired from Crescent Communities in a pre-sale transaction. The portfolio consisted of approximately 1,700 units with properties located in major Southeastern US markets.
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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.
