Two well-located properties in the Washington, DC market, totaling nearly 50,000 square feet, have been acquired by The JCR Companies, adding to the firm’s growing portfolio of urban infill buildings and expanding its reach into the office sector. In association with CAS Riegler Companies and RS Snead Construction (The JACK GROUP), JCR purchased the 26,347 SF building at 950 N. Washington Street in Alexandria, VA for $4.5 million from the American Association of Physician Assistants. JCR also acquired a large portion of the retail and commercial garage at The Metropole, a luxury condominium residence in Washington’s sought-after Logan Circle neighborhood. The property acquired by JCR includes a 23,225 SF retail condominium, which is fully occupied by Vida Fitness and Bang Salon,
Despite rising interest rates and eroding housing affordability, the average cost of home ownership in the US as a percentage of income is extremely low, according to a new report by Grosvenor Research. “The cost of owning a home in the US as a percentage of household income is now about ten percent, well below the 20-year average of about 14 percent and the 34-year average of more than 17 percent,” said Eileen Marrinan, Director of Research for Grosvenor Americas. “In contrast, the cost of renting as a percentage of income is much higher at almost 14 percent.”
The Donaldson Group (TDG) of Rockville, MD and its equity partner, New York-based Angelo, Gordon & Co. (AG), have acquired Cider Mill Apartments, an 864-unit garden-style apartment community located in Montgomery Village, Maryland. The acquisition price was approximately $110 million, and the partnership plans to invest an additional $15 million to renovate the property.