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.
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.
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.