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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.

Developers here have been quite active for years, but the coming of Foxconn has sparked a new speculative boom.

The capital will be used for acquisitions, organic growth and strategic investments into various hospitality assets.

The recently completed property was acquired by Hudson Capital Properties, a New York-based company headed by the family that runs Hudson Media, the leading magazine distributor in the Northeastern U.S., as well as the nation's largest airport news and concessionaire.

The property, located at 2900 Connecticut Ave., NW in Washington's historic Woodley Park neighborhood, achieved occupancy stabilization in just eight months after the initial lease-up period.

Class B facilities are also getting absorbed, alongside a spec construction boom.

The projected construction cost of the project is $75 million. The operating costs of the facility for the first 10 years (2019-2029) is estimated at $184.8 million.

Since 2013, improving economic conditions in the housing market area have led to increased net in-migration, averaging 24,800 people annually, and the Beaverton-Hillsboro submarket comprises 28% of the total.