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WASHINGTON, DC-Sovereign Square, a 246-unit luxury apartment property with a prominent location fronting Massachusetts Avenue, has opened its doors for occupancy less than two years after its fall 2002 groundbreaking. The property’s development team, which consisted of the JBG Cos. entity 484 OPCO LLC, CG Investments and the Prudential Insurance Co., spent approximately $50 million to complete the multifamily endeavor.

Towering 14 stories toward the sky, Sovereign House sits in the Mount Vernon Triangle area of the District at 555 Massachusetts Ave., between 5th and 6th streets near the old convention center. The location is one that is currently finding new life, with planned office and residential development projects that will ultimately convert the area into a live-work-play neighborhood. WDG Architecture designed the property, which is adjacent to a 13-story Hampton Inn hotel, and features a community club room, fitness facility and rooftop pool.

The JBG Cos. has developed other properties under the Sovereign brand in DC, including the 144-unit Sovereign Park apartments on the 1200 block of Massachusetts, as well as the condominium properties Sovereign House and the Sovereign at 2400 M St., both of which are works in progress.

“The Sovereign brand represents exceptional service, distinctive design, thoughtful amenities, vibrant locations and innovative floor plans–a unique and comprehensive combination of individual elements providing our residents with an outstanding experience,” the JBG Cos. principal William N. Elam III says. Stabilized vacancy rates among class A high rises in the District are at a low 2.6%, according to Delta Associates’ Mid-Year 2004 Apartment & Condo Report.

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