This Week's D.C. Deal Sheet: Short-Term Rental Operator Signs On For First D.C. Building
Redbrick LMD is bringing in a new short-term rental operator to the District for the first time with a deal at its Bridge District development.
The D.C. developer announced Barsala, a Portland, Oregon-based company with operations in 40 cities, will operate the 145-unit Poplar House building, providing a short-term stay option at the newly opened development along the Anacostia River.
Poplar House will host short-term rentals for the first two years before transitioning into traditional multifamily, Redbrick told Bisnow in January. It is set to open mid-March.
The building is one of the first three totaling 757 units at Redbrick’s mixed-use Bridge District, which at full build-out is planned to total 2.5M SF across residential, retail, recreation and innovation spaces. Investment in the project is expected to reach $1.5B.
“We are excited to partner with Barsala to offer flexible and convenient units at Poplar House for people visiting the nation’s capital, whether for business or leisure,” Sohael Chowfla, senior vice president of development at Redbrick, said in a release.
LEASES
Indoor golf operator ParCiti inked a lease for Bethesda’s “Superman Building.” The business is taking 3,306 SF at 7500 Old Georgetown Road, with a seven-year term, Sigmund Cos. Managing Principal Wright Sigmund told Bisnow. Sigmund and his colleague William Heinsen represented the tenant, while H&R Retail’s Bradley Buslik and Sydney Skalka represented the landlord, according to Sigmund’s post on LinkedIn. South Florida-based In-Rel Properties acquired the 335K SF office building in January 2024.
SALES
Gilbane Development Co. has acquired and plans to convert a 1990s-era Arlington office building into 94 apartment units, it announced this week. The developer paid $14.9M for the 121K SF property at 3601 Wilson Boulevard, according to Arlington property records. The development is set to include 207 below-grade parking spaces and 5,600 SF of ground-floor retail. Gilbane expects to start construction early next year.
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Minnesota-based Onward Investors purchased the ground lease and deed for the building at 100 M St. SE for $54M, Bisnow first reported. Houston-based Lionstone was the seller of the 225K SF property a block from the Navy Yard Metro station. Lionstone had purchased the building with Hermes Real Estate in 2014 for $78.9M as the first acquisition in its joint venture.
MILESTONES
A Dupont Circle building formerly home to The Gryphon restaurant and bar is slated to become a 73-room hotel, the Washington Business Journal reported. The property at 1337 Connecticut Ave. NW will be the third location of “the Sixty” brand, which has hotels in Beverly Hills, California, and the Lower East Side of Manhattan. The hotel received permission to add a seventh floor to the building.
PERSONNEL
Matt Nicholson is joining Lincoln Property Co. as an executive vice president for the mid-Atlantic region and will oversee acquisitions in the area, the firm announced this week. Nicholson has been in commercial real estate for over 18 years and has conducted over $20B in capital markets activity, per Lincoln. He comes from JLL, where he was a senior managing director for its capital markets business.
