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Acacia Capital purchases Madrid Apartment Homes, a 230-unit luxury rental community here, which could generate greater returns through a future renovation program.
The new building—Corporate Commons Three at the Teleport—will complement the Nicotra Group-owned existing fully-leased Corporate Commons One (120,000 square feet) and Corporate Commons Two (180,000 square feet) properties at the campus.
Xenia also reported on Wednesday it had purchased The Ritz-Carlton Pentagon City, a 365-room luxury hotel in Arlington, VA for $105 million, or approximately $287,670 per key.
Manhattan posted 9.48 million square feet of leasing activity in the third quarter, which was 10.6% higher than volume registered in the second quarter and 15.1% more than deals closed in the third quarter of 2016.