Yesterday, JPMorgan purchased The District, a 125-unit under-construction property at the corner of 14th and S Streets NW, from JBG for $76M, inthe highest price-per-unit apartment sale ever in DC. (You can put this deal in the record books, as long as it has had a proper screening for performance-enhancing drugs.)
Sources tell us the portion of the price allocated toward the residential units checked in at over $500k/unit, a record in DC apartment sales. We're also told potential buyers for the highly sought-after property didn't have to go through DC's lengthy TOPA process for acquiring apartment buildings (which allows a building's residents the right to purchase their property), since the building hasn't delivered yet. (The best kind of red tape is no red tape.)
HFF's Dave Nachsion, who repped JBG along with colleague Alan Davis, tells us that the high interest in the property was also due to the District's 18k SF of hip ground-level retail, which will include new restaurants from the group behind pizza bistro Matchbox as well as from Estadio owner Mark Kuller (that's Matchbox's 14th Street location, above).
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