JBG Smith pays $160m for Washington, D.C., apartment property

JBG Smith, an owner and developer of high-quality, mixed-use properties in the Washington, D.C., market, has agreed to pay $160.5 million for the 325-unit F1RST Residences apartment property in Washington, D.C.

The seller is a venture that includes McCaffery Interests, Clark Enterprises and Grosvenor Group, which developed the property two years ago.

The 325-unit multifamily asset in the Ballpark submarket of Washington, D.C., has approximately 21,000 square feet of street level retail. The multifamily portion of the building is 95.4 percent occupied as of Sept. 30, 2019. Tenants include Chopt, Chipotle, Roti, Rasa, SolidCore, Barre3 and Declaration Pizza.

The transaction is expected to close by the end of this year.

The REIT plans to execute the deal as part of 1031 Exchange transaction along with the sale of Arlington's Metropolitan Park development site to Amazon. JBG Smith said in an investor letter that it is under contract to sell that land to the e