M id A tlantic Real Estate Journal — October 22 - November 18, 2021 — 13A


Meisel and Nicholson of JLL represent owner of 215,000 s/f Maryland asset JBG SMITH announces sale of 500 L’Enfant Plaza for $167 million Authority (WMATA).

B E T H E S D A , M D — JBG SMITH an- nounced the sale of 500 L’Enfant P l a z a , a 215,000 s / f asset owned t h r o u g h partnership b e t w e e n JBG SMITH ( 4 9% ) a nd Landmark Partners , an Ares Company (51%), for $167 million. Delivered in 2019 and de- signed by ZGF Architects , 500 L’Enfant Plaza is a LEED Gold asset, 96% leased to seven tenants at the time of the sale. The building serves as the Urban Institute’s global headquarters and is home to other major tenants includ- ing Cobec Consulting, Noblis, and the Office of the Inspector General for the Washington Metropolitan Area Transit Jim Meisel VIRGINIA BEACH, VA — S.L. Nusbaum Real- ty Co. announced Arbor Trace Apartment Homes was purchased for $28.175M ($190,000 per unit). Bill Overman, CCIM, John Wessling, CCIM and Paul Peck represented the buyer, Hill Property Partners, LLC in the transaction. The community is located within the desirable Ocean- front submarket at 624 Suhtai Court in Virginia Beach, and is comprised of 148 units, all which are two-bedrooms. New ownership plans on upgrad- ing the current amenities as well as renovating dated apartments to a more modern aesthetic, which will include upgraded flooring, stainless steel appliances and all new fixtures and finishes through - out the units. S.L. Nusbaum Realty Co. will continue to provide man- agement services for the

“We continue to make prog- ress on our capital recycling

goals as we shift to major- ity multifam- ily through a combination of investing in multifam- ily assets and divesting of non-core of-

Matt Nicholson

fice assets, primarily outside of National Landing,” said George Xanders , chief invest- ment officer. “With the sale of 500 L’Enfant Plaza, we have executed more than $92 mil- lion of dispositions in 2021, the proceeds of which will be used to deleverage our balance sheet and create capacity for future multifamily investment opportunities.” JimMeisel andMatt Nich- olson of JLL represented JBG SMITH in the sale. MAREJ

500 L’Enfant Plaza

Cushman & Wakefield represent seller, Ginkgo Arbor Trace, LLC S.L. Nusbaum’s Overman, Wessling and Peck orchestrate $28.175Million sale of apartment community inVirginia Beach

for our tenants to live. This purchase would not have been possible without the persis- tence and professionalism of the S.L. Nusbaum brokers. Paul, Bill, and John who helped us craft a deal that won out over nearly 20+ of- fers,” said Mitchel Hill from Hill Property Partners LLC. Hill added, “The Nusbaum management team has done a great job with this property for the last several years and we are looking forward to them helping us take it to the next level.” “With the team that is in place, this asset is sure to be taken to the next level and become a major contender in the Oceanfront’s highly desir- able market rate apartment communities,” said Overman, CCIM. The seller, Ginkgo Ar- bor Trace, LLC was rep- resented by Cushman & Wakefield. MAREJ

for all parties involved, with Hill Property Partners being selected as the most qualified and committed group. “HPP is very excited to be entering the Hampton Roads Arbor Trace Apartment Homes

market, with the purchase of Arbor Trace Apartment Homes. HPP plans on en- hancing an already estab- lished community and mak- ing it an even better place

property. With a fierce bidding war over a period of three months, the transaction did not come easily, but ultimately re- sulted in a positive outcome

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