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Bernstein Management Corp. has acquired a 245-unit apartment complex on a prominent intersection in Shaw that The JBG Cos. developed in 2015.
Bernstein announced Tuesday it purchased the two-building The Shay complex at 1921 and 1924 Eighth St. NW. It didn't disclose the price, and the deal hasn't yet appeared in property records. But a source told Bisnow the property traded for $80.5M, well below the prior sale price.
The seller, Dweck Properties, had owned the property since 2015, when it purchased the newly constructed buildings from JBG before they leased up for a combined $123M. The ground-floor retail spaces in the buildings weren't part of the 2015 sale or this latest deal.
In a bustling restaurant and retail neighborhood, The Shay apartments sit above 27K SF of ground-floor retail, including Warby Parker, Compass Coffee and Bonobos.
“The Shay offers the best of everything including state-of-the-art amenities, beautifully appointed apartment homes and a central location in the dynamic Shaw neighborhood, which is an amenity unto itself," said Bernstein Management Corp. CEO Josh Bernstein in a release.
Dweck Properties didn't respond to requests for comment.
The JBG Cos., the predecessor to public REIT JBG Smith, developed a number of mixed-use properties in the Shaw area including Atlantic Plumbing and 13|U. Similarly to The Shay, it sold The District Apartments at 14th and S NW as soon as it was completed in 2013.
The deal is at least the third D.C. acquisition in the last eight months for local real estate firm Bernstein. In February, it acquired Southwest D.C. apartment building The Valo for $82M, and in November it acquired an office building at 1735 K St. NW that it plans to convert to multifamily.
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