PAST DEALS

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TODAY’S DEALS: NorthMarq and Deepwater Advisors Sell Washington D.C. Apartment Building

 

Keat Foong October 3, 2011

Washington, D.C.—NorthMarq Investment Services and Deepwater Advisors LLC announced the sale of The Ellington Apartments, a 167,000 sq. ft. 190-unit, Class A apartment/retail building located at the corner of 13th and U Street in Washington D.C.

NorthMarq Managing Director Donald B. Tennant Jr. represented the seller, Donatelli Development in the transaction. Ed McEnery and Doug Smith of Deepwater Advisors represented the Core Property Fund managed by the New York and Charlotte-based pension fund TIAA-CREF, the buyer.

The Ellington, a seven-story, multifamily project including 17,000 sq. ft. of retail space on the ground floor with six retail tenants, was developed in 2004 by Donatelli Development and Gragg and Associates, and is located at 1301 U St. NW. Apartment occupancy is near 100 percent.

“The Ellington is an outstanding example of the top quality developments that have anchored the re-birth of the U Street corridor,” says Deepwater Advisors Managing Director Smith. “Donatelli Development’s commitment to the community and TIAA-CREF’s recognition of the importance of a project such as The Ellington should help make this asset a centerpiece of its Core Property Fund.”

“The Ellington is in the heart of one of DC’s most vibrant neighborhoods,” says NorthMarq’s Tennant. “We are pleased to have played a role in the sale of this fantastic property.”