WASHINGTON, DC—TIAA-CREF broke its own recordlast week when it purchased The Woodley apartmentdevelopment here for a reported price of $195 million.
The purchase of the 212-unit multifamilyproperty at 2700 Woodley Road from The JBG Cos.calculated out to $920,000 per unit, which is considered thehighest price ever paid per unit for a multifamily property in theDistrict region.
The transaction far outpaced the company's former record-settingmultifamily deal involving the 2011 purchase of ThePalatine in Arlington for $142 million. That deal wasvalued at approximately $540,000 per unit, according to theWashington Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
