Duball, LLC Sells The Swift Apartments for $75 Million in Washington, DC; Represented by Cassidy Turley
WASHINGTON, July 21, 2014 /PRNewswire/ -- Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it represented DP Residential, LLC an affiliate of Duball, LLC in the sale of The Swift Apartments, a Class A, new construction multifamily building located at 3828 Georgia Avenue, NW in Washington, DC. Buvermo was the institutional equity and Eagle Bank the third party construction lender for the mixed-use development project.
Managing Director Christopher Doerr, Vice Chairman Bill Collins and Vice Chairman Paul Collins of Cassidy Turley represented Duball, LLC in the $75 million sale to Principal Real Estate Investors.
"Petworth has become one of the trendiest neighborhoods in Washington, DC," said Mr. Doerr. "I give credit to Duball, LLC for their vision and I think the buyer will enjoy tremendous long-term success with the Swift Apartments."
The 218-unit building houses a brand new 64,000 SF urban concept Safeway on the ground floor and is located in the Petworth neighborhood just steps away from the Georgia Ave-Petworth Metro Station, which is located along Metrorail's Green and Yellow lines. The Swift's central location provides residents with direct access to an array of retail amenities and neighborhoods, including 11th Street, U Street and Columbia Heights.
The building amenities include a 9,200 SF rooftop with grilling areas, gas fire pit and panoramic views of the DC skyline, open-air courtyard, state-of-the-art fitness center, two-story lobby and modern clubroom with two-sided fireplace. In addition, the Swift is slated to be certified LEED Silver upon completion.
About Duball, LLC
Duball, LLC, founded in 2004, is one of the leading real estate developers in the Washington, D.C. region with over 1.8 million square feet currently under development. Serving as Master Developer and investor in each of its projects, Duball bridges the gap between capital markets and the complex process of developing an asset. From gaining entitlements to capitalization, construction, asset management and disposition, Duball oversees the evolution of every project from start to finish. Its diversified leadership team combines decades of experience in construction, engineering, acquisitions, finance, and project management. Capitalized by several institutional investment funds, Duball is committed to delivering a diversified real estate portfolio with assets ranging from luxury for-sale product to high-rise mixed-use developments and income producing assets. Duball has benefited from a focus on exceptionally located urban infill development. The team is actively pursuing additional opportunities to dedicate its proven track-record to exciting new projects in the DC Metro area.
About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $50.5 billion in commercial real estate assets. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
SOURCE Cassidy Turley