Group Acquires 1 Year Old Shaw Apartment Project for $141 Million

A Dallas based firm just paid roughly $501,779 per unit to acquire the 1 year old Jefferson MarketPlace in Shaw during a $141 million purchase transaction announced this week.  The project, complete for a year and located at 1550 Seventh Street, NW. Included in the deal was 13,400 sq. ft. of retail – currently leased by Beau Thai, Unleashed by Petco, La Jambe wine bar, Grand Cata Latin Wine & Market, and a to be announced yoga studio.

The new owners paid $501,779 per unit for these finished Shaw apartments.

JeffersonMarketplace is a 281 unit apartment complex built on the site of the former Kelsey Gardens. The building contains 50 set-aside affordable units, many of which house former Kelsey Gardens residents. The project was completed in December, 2014.

Recently bought for $123 million (or $502,000 per unit) is The Shay at Atlantic Plumbing

This is the second of two major Shaw transactions recently. The Shay by JBG Companies was recently purchased for $123 million, or an average of $502,000 per unit. That buy did not include The Shaw’s retail portion, with many new luxury niche brands ‘living’ in the project.

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