Oxford Enters US Multifamily Development Market With Plans for DC
“Our residential platform will continue to grow in D.C., and across the US, from both acquisition and development as we look to establish a platform that exceeds 10,000 units by 2023,” says Oxford’s Jeff Turkanis.
WASHINGTON, DC—Global CRE investor Oxford Properties Group has purchased the development site in Washington, DC’s Capitol Riverfront in partnership with institutional investors advised by J.P. Morgan Asset Management and Greystar Real Estate Partners.
This project is Oxford’s first US multifamily development, according to Jeff Turkanis, Vice President at Oxford Properties. “Our residential platform will continue to grow in D.C., and across the US, from both acquisition and development as we look to establish a platform that exceeds 10,000 units by 2023.”
The companies plan to develop the 7.3-acre parcel, formerly known as the CSX Site, is located at the intersection of the Capitol Riverfront and Capitol Hill neighborhoods in Washington, DC. into a 615,000-square-foot residential-led mixed-use development.
The development will consist of 750 market-rate residential rental units across two 13-story buildings and feature 42,000 square feet of coworking space. The entire project will be built over a two-story parking garage and will incorporate 70,000 square feet of indoor residential amenity space. Together the development will provide a total of 3.5 acres of ground floor public and private amenity space. Construction is expected to begin in late 2019.
The site is close to Capitol Yards, which Oxford in a joint venture with JP Morgan acquired a 45% interest in January 2019. Capitol Yards is a three building, 931-unit portfolio.
The transaction is part of Oxford’s broader ‘beds and sheds’ strategy which the company began in 2018 to increase its exposure to the multifamily and logistics markets. Oxford now owns more than 12,000 residential rental apartments globally across Canada, Europe and the U.S., including Aalto57 in Manhattan and Serenity in Boston.
Oxford first entered the US market in 2010 and has since amassed more than $15 billion in assets under management.