WASHINGTON, DC-Atlanta-based Gables Residential has acquired the 244-unit V at CityVista in the Mount Vernon submarket. The project, located at the corner of 5th and K streets, was developed and sold by Los Angeles-based CIM Group and DC-based Bundy Development Corp. and Neighborhood Development Co. The acquisition was financed with Fannie Mae through Deutsche Bank Berkshire Mortgage. The purchase price has not been disclosed.
The property, which will be re-branded Gables CityVista within the next few months, is located in the 1.3-million-square-foot mixed CityVista project, which holds 441 condominium units--all but three of which have been sold--and 116,691 square feet of ground floor retail that is anchored by a 55,000-square-foot Urban Lifestyle Safeway.
This has been Gables’ first acquisition in the DC area in the past two years, Jorgen Punda, regional vice president, tells GlobeSt.com. The company is also turning its attention back to its core activity of development, with plans to restart the 800-unit pipeline it had in 2008. The company is eying plans for a 100-plus unit in either Montgomery County, MD or Fairfax County, VA, Punda says.
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