Boston Properties sells D.C. apartment complex
Wafra Investment Advisory Group has purchased a 335-unit apartment building in Washington, D.C., from Boston Properties for $196 million, or $585,075 per unit.
The 323,050-square-foot Residences at The Avenue was built in 2011 and is at 94 percent occupancy. It includes 50,000 square feet of retail space, with major tenants including Whole Foods and Citibank.
Residences at The Avenue is just off the Foggy Bottom metro stop on the north end of the District of Columbia, close to the George Washington University campus. The building is 12 stories with an average unit size of 815 square feet.