Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
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CONTACT Info
BRIAN CRIVELLA
Senior Managing Director
301.580.6685
brian.crivella@berkadia.com
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YALDA GHAMARIAN
Senior Director
240.462.2332 yalda.ghamarian@berkadia.com
BILL GRIBBIN
Senior Director
301.580.6486
bill.gribbin@berkadia.com
MORTGAGE BANKING
PATRICK MCGLOHN
Senior Managing Director
301.941.4610 patrick.mcglohn@berkadia.com
BRIAN GOULD
Managing Director
301.941.4616
brian.gould@berkadia.com
EXECUTIVE SUMMARY
On behalf of the Waterfront Station Ownership, Berkadia is pleased to present the sale of 375M and 425M Street SW (the “Sites”), two fully approved infill development sites in the highly sought-after Southwest DC neighborhood that have the potential for significant placemaking impact on the surrounding submarket. The Sites are currently zoned after going through the PUD process and will bring two 12-story mixed-use apartment buildings (including occupiable penthouse levels), and ground-floor retail in both buildings. The current approval for 375M calls for 303 multifamily units and 18,066 SF of retail to be built on a 61,065 GSF site. 425M is comprised of 309 multifamily units and 21,103 SF of retail built on a 46,768 GSF site.
Located at the crux of DC’s premier entertainment scene and the city’s most desirable class A office buildings, the Southwest Waterfront neighborhood attracts professionals and lifestyle enthusiasts alike. The Sites are steps from DC’s most transformative development ever, The Wharf, and a short walk to the Navy Yard putting the best restaurants, nightlife, and entertainment at residents’ fingertips including Nationals Park and Audi Field. The Waterfront Metro Station (Green Line) is located directly between the Sites, providing tremendous connectivity to major DC and Northern Virginia employment hubs and a 20-minute metro ride or 10-minute drive to Amazon’s HQ2 in National Landing. The strong Southwest Waterfront submarket has 95% white collar employment, 78% bachelor’s degree or higher, and a $145,000 median household income.
The Sites’ gateway location within one of DC’s most highly coveted neighborhoods presents a rare opportunity to bring two best-in-class mixed-use developments to a market poised for future growth. 375M and 425M are positioned to become the vision of live, work, play surrounded by the best lifestyle amenities in the city, connected to the strongest employment market in the region, and next door to the most exciting entertainment the Nation’s Capital has to offer.
375M
425M
Total GSF Total RSF Units Residential GSF Residential RSF Avg SF/Unit Office
Retail Parking
322,773 SF 262,698 SF 309 Units 301,670 SF 244,760 SF 792 SF
0 SF
21,103 SF 179 Spaces (2 Levels Below-Grade)
Total GSF Total RSF Units Residential GSF Residential RSF Avg SF/Unit Office Retail Parking
339,733 SF 283,805 SF 303 Units 282,953 SF 236,474 SF 780 SF 32,714 SF 18,066 SF 220 Spaces (2 Levels Below-Grade)
EPICENTER OF DC’S TRUE LIVE, WORK, PLAY ENVIRONMENT
62M SF of office and 3.3M SF of retail within a two-mile radius in DC Metro’s fastest growing Southwest submarket.
INVESTMENT HIGHLIGHTS
MINUTES TO THE TRANSFORMATIONAL 24-ACRE, 3.5 MILLION SF DISTRICT WHARF
Just a 5-minute walk from the Sites sit the $3.6B mixed-use development situated along 1 mile of Washington DC’s waterfront.
GATEWAY MIXED-USE LOCATION
Walkable to Nationals Park and Audi Field, the District Wharf, and DC’s most desirable restaurants and retailers.
4 METRO STOPS FROM AMAZON HQ2
3M SF of development and over 40,000 direct jobs.
PANORAMIC WASHINGTON, DC VIEWS
Views of the Washington Monument, US Capitol Building, National Mall, and the Potomac and Anacostia rivers.
ADJACENT TO WATERFRONT STATION METRO (GREEN LINE)
Providing residents regional mass transit throughout Washington, DC.
EXCEPTIONAL WASHINGTON DC DEMOGRAPHICS
$145,000 median household income, 78% of residents maintain a bachelor’s degree or higher, and 70% of the households within one mile are renter-occupied.
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