WASHINGTON, DC—Real estate investment firm Bernstein Management Corp. has acquired the former office building turned luxury apartment building Sky House West for $80 million.
The 264-unit building at 1151 Fourth St. SW is one of two buildings recently converted from office to residential use, according to the Washington Business Journal.
Joshua Bernstein, CEO of Bernstein Management, says his firm acquired Sky House West from a partnership of the JBG Cos. and Urban Atlantic for approximately $303,000 per unit. "As long-term investors, we think this is one of the best places for us to put a stake in the ground," he says.
Sky House, located near Waterfront Metro Station, is a two-building complex comprised of two former Environmental Protection Agency office buildings. Bernstein acquired Sky House West, which was just recently delivered. Sky House East opened in late 2013. See story in the Washington Business Journal.
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