WASHINGTON, DC—After shelling out $80 million earlier this year on the Sky House West apartment tower, Bernstein Management Corp. has spent another $91 million in acquiring its sister Sky House East building.
Bernstein's purchase of the 266-unit Sky House East luxury apartment building at 1150 Fourth St. SW calculates out to approximately $342,000 per unit, according to the Washington Business Journal. Sky House East previously served as an office tower for the US Environmental Protection Agency. Sky House West is located at 1151 Fourth and contains 264 apartment units.
Sky House East and West are part of the Waterfront Station mixed-use development built by Urban Atlantic and the JBG Cos. The East building was completed in late 2013 with the West building delivered a year later.
The two buildings have been rebranded as Lex and Leo. Bernstein President Robert Sandler says that both buildings were under contract at the same time. However, because Sky House East had tenants, it was subject to the Tenant Opportunity to Purchase Act process. Its offer to purchase was accepted, he adds.
"We think of them as sister buildings," Sandler says, "or brother buildings." See story in the Washington Business Journal.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.