X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-The Henry Adams House, a 211-unit apartment building in the District’s popular Woodley Park neighborhood, has become the Gables Woodley Park, courtesy of Boca Raton, FL-based Gables Residential’s recent $53 million acquisition of the property. Gables purchased the building from a joint venture partnership involving developer LCOR Inc. and Northwestern Mutual Life. Working in conjunction with the District of Columbia Public Schools, LCOR developed the residential property on undeveloped land that belonged to the District’s James F. Oyster Bilingual Elementary School, which LCOR built just prior to the apartment complex.

Situated on tree-lined Calvert St. within eyeshot of sprawling Rock Creek Park, Gables Woodley Park is a post-modern luxury high-rise that stretches 11 stories high. In addition to residential units, the building also features a fitness room, multi-purpose room, street-level retail space and a three-story underground parking facility. It is currently at 85% occupancy, with expectations of a full-tenancy level by year’s end. Donohoe Construction Co. handled the hands-on construction of the Torti Gallas & Partners-designed building, which cost $29 million to complete.

For LCOR and Northwestern, the decision to part with the property two years after having completed it was an easy one. “We were offered an extremely attractive price,” LCOR senior vice president Tim Smith shares with GlobeSt.com. “And we thought Gables would be a good steward. The property will be in good hands with Gables going forward as the long-term owner.” In the Gables camp, the acquisition fit nicely into the company’s current growth strategy. In a statement, Gables CIO David Fitch explains, “Gables Woodley Park is an excellent addition to our portfolio and another step in enhancing our presence in ‘established premium neighborhoods’ in the DC marketplace.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.