Arlington Firm Buys 14th Street Apartment Building For $43M
A two-year-old apartment building on 14th Street has sold for over $750K/unit, surpassing previous records on the popular corridor.
Madison Investments announced Tuesday it is under contract to sell the 56-unit Elysium Fourteen building at 1925 14th St. NW to Arlington-based Snell Properties for $43M. CBRE's Robert Meehling and Yalda Ghamarian brokered the deal.
Residents first moved into the building in November 2016. Crowdfunding platform Fundrise provided some of the equity investment for the project. The nine-story luxury apartment building features ground-floor retail, including Lululemon, Jeni's Splendid Ice Cream and Orangetheory Fitness.
D.C.-based Madison Investments, founded in 2006, has also developed the Elysium Logan project at 1427 Rhode Island Ave. NW and the Kipling House project on Capitol Hill. It is working on the 240-unit redevelopment of the former Martha's Table headquarters on 14th Street.
Snell has a portfolio of 2,400 multifamily units and 200K SF of office space in Northern Virginia, but this is its first luxury apartment building in D.C.
“We are excited to be expanding into the D.C. marketplace by adding Elysium Fourteen to our portfolio,” Snell Properties Vice President of Development Peter Colarulli said in a release. “Elysium Fourteen is a generational asset that offers beautiful apartment homes in one of the best neighborhoods in Washington, DC.”
The sale, which comes out to roughly $768K/unit, beats out two previous luxury apartment sales on nearby blocks of 14th Street. JBG Smith in 2013 sold The District apartments at 14th and S streets NW for $608/unit and then in 2014 sold the Louis at 14th building for $650K/unit, a record at the time. It has since surpassed that record with the $920K sale of The Woodley in Woodley Park.