Mill Creek Begins Construction on Italian Embassy Residences

Venerable Building to be Renovated, Converted into Luxury Apartment Homes

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Oct 25, 2016, 09:03 ET

WASHINGTON, Oct. 25, 2016 /PRNewswire/ -- Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced the start of construction and redevelopment of the former Italian Embassy building located at 2700 16^th NW, which will be preserved and converted into 134 luxury apartment homes.

The acquisition, renovation and redevelopment of the site is being made possible by an investment from Rockwood Capital, a privately held real estate investment firm with $9.3 billion in real estate assets under management. Helaba is providing the construction financing for the project.

"Simply put, the historic revitalization of the Embassy, coupled with the vibrancy of the neighborhood, will make this one of the premier communities in the Washington, DC region," said Sean Caldwell, senior managing director of the Mid-Atlantic region for Mill Creek.

As part of the redevelopment, Mill Creek will maintain the Neo-Renaissance architecture of the building and construct an adjacent nine-story high-rise with two levels of below-grade parking. The existing Embassy building will be renovated to contain a select number of the community's exclusive townhouse-style residences, which will face a private courtyard and garden, as well as the community's amenities.

The community will consist of studio, 1-, 2- and 3-bedroom apartment homes that feature premium high-tech and high-end features. Community amenities will be designed with a European cosmopolitan aesthetic in an effort to preserve the boutique appeal of the Italian Embassy. Included will be a resident clubhouse, business center, rooftop terrace, club-quality fitness center, and landscaped outdoor terraces.

"The Italian Embassy will blend the history of this irreplaceable piece of architecture with an elevated distinction of prestige for our residents," said Joe Muffler, development associate for Mill Creek.

The original Embassy building was completed in 1925 and designed by Whitney Wetmore and Charles D. Warren, a tandem also credited with the design of Grand Central Terminal in New York. The Embassy building served as the diplomatic mission of the Italian Republic to the United States until 2002, when a new chancery was constructed approximately two miles away at 3000 Whitehaven Street. Mill Creek's designs for redevelopment are set to comply with the guidelines set forth by the Historic Preservation Review Board.

The commuter-friendly site is bordered by 16^th Street to the East, Fuller Street to the South and Mozart Street to the West. 16th Street NW is one of the city's few authentic north-south roads and provides expedient access to K Street in downtown, the Capital Beltway, and Silver Spring, the Maryland-based business hub at the northernmost portion of the metro area. Also in close proximity are Adams Morgan and the U Street Corridor, the latter of which is one of Washington D.C.'s fastest-growing submarkets. The walkable area also is home to an eclectic mix of restaurants, bars and retail shops with a variety of nightlife and cultural destinations.

Including the Italian Embassy community, Mill Creek has developed more than 4,100 apartments 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 June 30, 2016, the company's portfolio comprises 58 communities representing nearly 16,800 apartment homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.

About Rockwood Capital
Rockwood Capital, LLC is a real estate investment management firm, founded in 1995 that provides equity capital combined with real estate operating expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Rockwood and its principals have invested on behalf of their clients approximately $22.1 billion of real estate through ten value-add vehicles and six separate accounts. Today, Rockwood is an 80-person real estate investment firm with offices in New York, NY, San Francisco, CA, Los Angeles, CA, and Seoul, Korea that manages a portfolio of approximately $3.6 billion of net equity value in approximately $9.3 billion of gross real estate value. Rockwood's investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices.