UDR Closes on New Luxury Apt. Development Near U Street Corridor
A partnership between Chicago-based developer Centrum Properties Inc. and Level 2 Development LLC, a Washington, DC-headquartered commercial property firm, sold View 14, a 185-unit multifamily property in the District. Apartment investor UDR Inc. of Highlands Ranch, CO, closed on the asset for $104 million.
View 14 is at 2303 14th St. NW in the Uptown submarket near the U Street corridor. The sellers completed the $80 million, nine-story project in 2009. The 185,339-square-foot building offers one- and two-bedroom apartment homes ranging from 501 to 1,382 square feet and an asking rent of $1,500 to $4,700 per month.
It also contains 31,000 square feet of
retail space occupied by the YWCA and Beta Mixed Martial Arts, which signed for 9,000 square feet on the ground floor last month, according to CoStar Group information. Move in is slated for the third quarter.
Drew White and Michael Marshall of Cushman & Wakefield and Andrew McAllister and Bruce Levin of MAC Realty Advisors represented the selling venture.
See CoStar COMPS #2136929 for more information.