Avanath Capital Management has acquired 2M Street Apartments, a 315-unit high-rise apartment community in Washington, D.C. The seller was not disclosed.
The mixed-income apartment tower located north of the Capitol Building and two blocks from the NoMa-Gallaudet U Red Line Metro station was acquired for $103.5 million.
“The Washington, D.C., metro has continued to perform over the last several years and is positioned for long-term growth,” said John Williams, president and CIO at Avanath Capital Management. “In fact, 2M is located in the heart of the NoMa submarket, which is one of the fastest growing locations within the district.”
The region has undergone significant population, income and job growth over the past decade and Avanath believes that the addition of Amazon’s HQ2 in the surrounding Crystal City, Va, will only continue to enhance this growth.
“Our strategy is to identify growing markets where there is a continuous need and demand
