- Image by Scott Ableman via Flickr
Atlanta, GA (Vocus)
Gables Residential (www.gables.com) announced today that it has purchased the 244-unit V at CityVista apartment community, located at the corner of 5th and K Streets in the Mount Vernon area of Washington, D.C. The property was acquired from the development/ownership group of Lowe Enterprises, which also served as lead developer, CIM Group, Bundy Development Corporation, and the Neighborhood Development Company. The property will be rebranded Gables CityVista within the next few months.
CityVista is a dynamic, award-winning 1.3 million-square-foot mixed-use community that has been pivotal to the revitalization of the Mount Vernon Triangle. The rental apartment community that Gables recently acquired, is set around a one-acre private park called Vista Green. The project features a contemporary design by Torti Gallas and Partners and Michael Marshall Architects with abundant windows and roof top terraces offering dramatic city views. Built around a variety of inviting public spaces and common areas, the project boasts landscaped courtyards and promenades. The interior finishes include floor-to-ceiling windows flooding the expansive, open living spaces with natural light. The project offers one and two bedroom configurations, some with balconies and terraces, and each with well appointed bathrooms and modern kitchens.
Jorgen Punda, Regional Vice President, Investments and David Reece, Sr. Vice President, Finance and Capital Markets, both of Gables Residential, were instrumental in managing the transaction. “The V at City Vista is a great, high-quality addition to the Gables portfolio, which includes a number of downtown communities.” said Punda. “Our D.C. portfolio has performed quite well and this acquisition reinforces our commitment to the metro D.C. market.” The project was financed with Fannie Mae through Deutsche Bank Berkshire Mortgage. Adam Randall managed the transaction.
CityVista also features 441 condominium units, all but three of which have been sold, and 116,691 square feet of ground floor retail anchored by a 55,000-square-foot Urban Lifestyle Safeway, one of only four throughout the country. Additional retail and restaurant elements include convenience and specialty stores such as Chevy Chase Bank, Results Gym, 5th Street Hardware, Kushi Sushi, Taylor Gourmet and Busboys and Poets.
Gables Residential has begun management of the V at CityVista. The property can be viewed at gables.com or by calling 866-928-3578. The Leasing Center is located at 460 L Street NW, Washington, D.C. 20001.
About Gables Residential
With a mission of Taking Care of the Way People Live, Gables Residential has received national recognition for excellence in the management, development, acquisition and construction of luxury multi-family communities in high job growth markets. Gables Residential owns, develops and manages multi-family communities and mixed-use developments in Atlanta, Austin, Dallas, Houston, South Florida, Southern California, and metropolitan Washington, D.C. Additionally, it has third-party management operations in the Chicago, New York, Boston, Phoenix, Central and North Florida, and Washington State markets. Gables Residential enjoys a healthy portfolio with approximately 38,000 apartment homes under management, including a corporate-owned portfolio of 60 stabilized communities comprising approximately 15,300 apartment homes. An additional 4 communities are under development/lease-up, comprising approximately 1,000 apartment homes. Gables also has the ability to develop another 4,000 apartment homes through its shadow pipeline of undeveloped land owned. For more information please visit www.gables.com
About Lowe Enterprises
Los Angeles-based Lowe Enterprises is a leading national real estate investment, development and management firm. Over the past 38 years, it has developed, acquired or managed more than $16 billion of real estate assets nationwide. Lowe is currently responsible for more than $5 billion of commercial, hospitality and residential assets. In addition to its Los Angeles headquarters, Lowe Enterprises maintains regional offices in Northern California, Southern California, Denver and Washington, D.C. For further information on Lowe’s activities, please visit: www.LoweEnterprises.com
About Bundy Development Corporation
Bundy Development Corporation (BDC) is a full-service real estate development and acquisition company focused on the creation of mixed-use properties. It delivers a sound investment, achieves superior architectural and construction standards, and contributes to the communities it serves. BDC’s mission is to capitalize on unique development opportunities to produce exceptional value and long-lasting results. Launched at the height of Washington, DC’s financial crisis, Founder Pamela Bundy Foster envisioned new homes, new buildings and new investment opportunities where others saw only blight. BDC has built a solid reputation as an innovator and a reliable partner. Beginning with the construction of quality mid-sized, mixed-use projects in the Logan Circle and Chinatown neighborhoods, BDC has become a partner on several of the City’s largest downtown developments. In addition to City Vista, BDC is a partner on the Old Convention Center Site. The two are collectively valued at more than $1.2 billion.
About CIM Group
CIM Group is a leading investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional districts; and infrastructure. CIM manages three distinct portfolios, including Opportunistic, Stabilized and Infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland.
About The Neighborhood Development Company (NDC)
NDC is a unique real estate development company that focuses on the revitalization of emerging urban neighborhoods. Founded in 1999, the company’s mission is to create exciting residential and commercial properties that advance urban neighborhoods while respecting the rich diversity of their existing fabric. The NDC team is a tight-knit group of highly experienced real estate development professionals. With its intense focus on acquisition, development management, and construction management, NDC has a proven track record of independently developing catalytic projects in the District. In addition to the CityVista development team, NDC is also an equity participant in the development team selected by the District to redevelop the Old Convention Center site. NDC has been recognized in numerous national and local publications. Earlier this year, Black Enterprise magazine recognized NDC by including the firm in the 2008 “BE 100” listing of top black owned businesses in the nation for Industrial / Service companies.
