WASHINGTON, DC – HFF announced today that it has closed the sale of Flats 130 at Constitution Square, a 643-unit, Class A multi-housing community with a 50,000-square-foot Harris Teeter grocery store and 2,708 square feet of ground-floor retail in Washington, D.C.’s NOMA neighborhood.
HFF marketed the property on behalf of the seller, a joint venture between StonebridgeCarras and an affiliate of Walton Street Capital, L.L.C. (“Walton Street”). TIAA-CREF purchased the asset.
Flats 130 at Constitution Square is located at the intersection of 1st and M Streets, NE adjacent to the NoMa-Gallaudet U Metrorail station. Completed in two phases between 2010 and 2013, the property’s ground-floor retail space is anchored by a 50,000-square-foot Harris Teeter supermarket. The amenity-rich community includes a rooftop swimming pool, rooftop grilling/picnic areas, two-story fitness center with yoga studio, club room with pool tables and game room, expansive courtyards, dog park, concierge service, and rooftop views of the US Capitol, Washington Monument, Union Square and the Library of Congress. Flats 130 is located within the 2.5 million-square-foot, LEED-ND Gold certified Constitution Square mixed-use development, which includes office, retail, residential and hotel space.
The HFF investment sales team representing the seller was led by executive managing director Stephen Conley, senior managing directors Dave Nachison and Alan Davis, associate directors Brenden Flood and Bret Thompson.
“Flats 130 is one of the highest quality residential buildings in the District positioned within the NoMa neighborhood that is widely regarded as one of Washington, D.C.’s most up-and-coming locales,” said Davis.
“TIAA-CREF clearly recognized in Flats 130 the very attractive combination of a trophy quality asset with immediate metro access and potential for outsized growth with an increasing number of residents, employers and retailers looking to call NoMa home,” added Nachison.
StonebridgeCarras is a privately-held real estate investment and development firm based in Bethesda, Maryland focusing primarily on developing mixed-use properties in the Washington, D.C. metropolitan region. During the past 20 years, the principals of StonebridgeCarras, LLC have been involved in the acquisition, development, joint venture, financing, and disposition of real estate assets in the Washington area exceeding $5 billion in value.
Walton Street is a private equity real estate investment firm based in Chicago. Since its founding in 1994, affiliates of Walton Street have received total equity commitments of more than $8.3 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts, and high-net-worth individuals. Through its affiliates, Walton Street has invested and/or committed to invest $7.5 billion of equity in more than 275 separate transactions in U.S. and international real estate, including the development and acquisition of office, hotel, retail, industrial, multifamily, for-sale residential, senior and student housing, gaming and other assets through both individual, portfolio and company-level transactions with a gross asset cost of more than $21 billion.
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $840 billion in total assets under management (as of 10/1/2014) and is the leading provider of retirement services in the academic, research, medical and cultural fields. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. C20775
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter @HFF.