The hotel investment and management firm has acquired and will operate the 127-room Courtyard by Marriott Madison East, the 130-room Fairfield Inn & Suites Madison East and the 115-room Hampton Inn Madison East Towne Mall Area.

“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 Prime was able to arbitrage the unproductive land component of the properties by securing 30-year capital while still maintaining control, according to CEO Lou Conforti.

In terms of potential project sites, the city in the RFP did not express any preference.