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A joint venture of Starwood and Jefferson Apartment Group plans to break ground next year on a 320-unit project across from Nationals Park.
A JAG affiliate acquired the site at 1319 South Capitol St. SW for $31.5M from an affiliate of the Ronald D. Paul Cos., according to documents posted Monday to the D.C. Recorder of Deeds.
JAG partnered with Starwood's opportunity zone fund on the acquisition, and it obtained a $20.5M acquisition loan along with the purchase, deed records show. A JAG spokesperson confirmed the partnership.
"We purchased the site with Starwood Capital Group and we intend to build a new luxury rental apartment building," the JAG spokesperson wrote in an email. "It is our intention to design, and then build starting in March 2021, 320 units on this property which sits at the corner of South Cap and N Street.”
Ronald D. Paul Cos., the real estate company founded by former EagleBank CEO Ron Paul, acquired the site in 2015 in partnership with Altus Realty Partners. It had planned to build an 11-story mixed-use development with between 140 and 200 units, according to Ronald D. Paul Cos.' website.
The property, on the western side of South Capitol Street, sits on the edge of the opportunity zone tract that covers Buzzard Point. It is directly across the street from the ballpark and about a quarter-mile from the Navy Yard Metro station. The development would be the latest in a wave of new apartment projects to rise in the area around the ballpark.
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