The new development will set the tone for future projects in the Chosewood Park neighborhood.

HREC Investment Advisors brokered the sale through RealINSIGHT Marketplace, an online sales platform for commercial real estate.

The seller, a Wharton equity company, acquired the property in early 2017 in an off-market transaction from the original developer and thereafter undertook significant renovations at the property that produced dividends.

The sale consists of a contractual sales price of $185 million and the release of $3.5 million in member deposits. The total consideration represents approximately $521,000 per key, RLJ Lodging reports.