Urban Investment Partners (UIP) has acquired Walker House, a 212-unit mid-rise apartment building in Gaithersburg, MD, for $31.8 million. CBRE represented the seller, Washington REIT, which has held the property since 1996. Capital One financed the acquisition.
Washington REIT has leased a full floor (13,000 square feet) at the historic Army Navy Building in the heart of Washington, DC to a major national nonprofit organization. The 109,000 SF LEED Gold certified building is now 71 percent leased to a variety of prestigious tenants. At the same time, Washington REIT is completing a thoughtful $4 million renovation that has created a VIP tenant amenity in previously under-utilized space.
Washington REIT has signed a contract to acquire 600 New Hampshire Avenue, NW, a 309,000 square foot Class A office building on the Potomac riverfront in Washington, DC, for approximately $135 million ($437 per square foot). Built in 1972 and renovated extensively in 1997, the 12-story Watergate 600 is one of the six buildings that comprise the internationally recognized Watergate complex. Atlantic Media is the lead tenant under a long-term lease.
StoneBridge Investments of Washington, DC has acquired 550 Abernathy Apartments, a 228-unit apartment community in the greater Atlanta submarket of Sandy Springs, for $31 million. The property is located at 550 Abernathy Road NE within Perimeter Center, a fast-growing “edge city” that encompasses three small cities: Brookhaven, Dunwoody, and Sandy Springs. It is Atlanta’s largest employment center, with over 123,000 employees, 31 million SF of office space, three major hospitals, and six million SF of retail space including the 1.5 million SF Perimeter Center Mall.