The D.C. metro area has nearly 8,500 apartments in the pipeline from office conversions, making it the second-highest region in the country for conversions.
With Washington, D.C., doubling down on office-to-apartment conversions, the area’s pipeline is only getting stronger, according to a recent report by RentCafe. Only New York ranks higher than D.C., with roughly twice the volume, while Chicago ranks third with about half as many units as D.C. Earlier this year, crews broke ground on The Geneva, the largest office-to-residential conversion project in the city’s history.
D.C.’s pipeline expanded by 30% in just one year, representing a notable jump at a time when several major metros are trending in the opposite direction, with seven of the top 20 markets seeing double-digit declines, including Minneapolis and Kansas City. Out of the roughly 13,200 apartments planned across all conversion types in D.C., about 64% will come from former office buildings.
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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