Mill Creek Announces Start of Preleasing at Modera Sedici

Development Community Adds 134 Apartment Homes to Site of Former Italian Embassy

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Aug 15, 2018, 09:15 ET

WASHINGTON, Aug. 15, 2018 /PRNewswire/ -- Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced the start of preleasing at Modera Sedici, a luxury apartment community located on the esteemed grounds of the former Italian Embassy.

Situated along venerable 16^th Street in the nation's capital, the community features 134 apartment homes, including 22 with customized individual floor plans in the redeveloped original Italian Embassy building. The additional 112 residences are located in a newly constructed nine-story high-rise with two levels of below-grade parking that is connected to the historic structure. The original Neo-Renaissance architecture was maintained in the redevelopment of the embassy building, which was originally designed in 1925 by Grand Central Station architects Whitney Warren and Charles Wetmore.

"The Italian Embassy building simply embodies history, and it was our mission to preserve its charismatic qualities in the redevelopment," said Sean Caldwell, senior managing director of the Mid-Atlantic region for Mill Creek Residential. "Modera Sedici is a truly one-of-a-kind community, and we cannot wait to welcome our initial resident base and provide a high-level living experience in one of the most captivating areas of the city."

Boasting a European cosmopolitan aesthetic interior design, Modera Sedici features restored parquet, a grand piano, original travertine and modern marble. The community also includes the Soggiorno – a grand ballroom with preserved crown moulding and parquet floors, and the Biblioteca – a curated resident lounge with fireplaces and stunning millwork.

From its location at 2700 16^th Street NW, Modera Sedici residents will be interconnected to three of the city's most-desirable neighborhoods – Adams Morgan, the U Street Corridor, and Columbia Heights.

"While the surrounding area features many of D.C.'s finest boutique shopping, nightlife and dining options, Modera Sedici will offer residents a quieter respite than the typical downtown location," said Joe Muffler, vice president of development for Mill Creek Residential.

The commuter-friendly site provides prime access to K Street in downtown, the Capital Beltway and Silver Spring, the Maryland-based business hub on the northern edge of the Metro Area. 16^th Street is one of the city's only north-south thoroughfares and borders Modera Sedici to the east. Fuller Street borders the community to the south and Mozart Street to the west.

Modera Sedici consists of studio, one-, two- and three-bedroom homes with two-story townhome-style layouts available. Additional community amenities include the Vista – a rooftop terrace with city views, the Palestra – a club-quality fitness center with elite equipment imported from Italy, a historic piazza with public and private seating areas, 24-hour concierge service and the Terraza – a programmed green space with water features, covered seating and grills.

Apartment interiors include several extravagant touches, including upscale GE or Bosch appliance packages that include in-home washers and dryers, Kohler and Moen fixtures, classic-tiled kitchen backsplashes, Kaindl wood plank-style flooring in French Walnut or Orchard Walnut, genuine Italian marble counters in the historic kitchens and baths, elegant recessed lighting and spa-inspired bathrooms with illuminated mirrors, mosaic tile floors, showers, tubs and floating vanities.

Modera Sedici is the seventh development community by Mill Creek in the Washington, D.C. area.

About Mill Creek Residential
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. As of March 31, 2017, the company's portfolio comprises of 72 communities representing over 19,400 apartment homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.

About Rockwood Capital
Rockwood Capital, LLC (Rockwood) is a real estate investment management firm founded in 1995 that provides equity capital combined with real estate operating expertise for the repositioning, recapitalization, development and redevelopment of residential, office, research and development, retail and hotel space in key markets throughout the United States. Rockwood and its principals have invested on behalf of their clients approximately $28.1 billion of real estate through ten value-add vehicles and ten separate accounts. Today, Rockwood is a 75-person organization with offices in New York, NY, San Francisco, CA, and Los Angeles, CA that manages a portfolio of approximately $3.3 billion of net equity value in approximately $6.6 billion of gross real estate value as of 3/31/2018. Rockwood's investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices.