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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.”

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