High Street Residential has partnered with Deutsche Asset Management to develop a 288-unit, Class-A, multifamily project, located at 1441 U Street, NW, Washington, D.C. This luxury apartment project will also feature more than 15,000 square feet of retail in the core of the U Street Corridor. Construction is scheduled to commence Q3 2016, with completion in mid-2018.
1441 U Street is located adjacent to the Frank D. Reeves Center of Municipal Affairs, at a site that was once the home to the now-razed, 48-unit Portner Place Apartments. This site will also contain Portner Flats, a 96-unit affordable housing complex fronting V Street, NW that will be developed concurrently by a joint venture between Somerset Development and Jonathan Rose Companies.
“We are excited about this opportunity to deliver housing and retail opportunities to an incredibly vibrant neighborhood, further adding to the urban streetscape of the U Street Corridor,” said Josh Dix, National Residential Practice Leader of High Street Residential. “Equally exciting is the opportunity to help facilitate the creation of market rate and affordable units, in cooperation with Somerset and Rose, at a time when housing affordability continues to be a major issue.”
Portner Flats, LLC, is a joint venture between affiliates of Somerset Development, New Community Partners, LLC and Jonathan Rose Companies. Somerset Development is a Washington, DC based firm which develops and preserves affordable housing and develops mixed use properties that strengthen local communities. Jonathan Rose Companies is a mission-based, development, project management and investment firm. New Community Partners was formed to help communities solve problems and grow through the creative development of real estate. Through sound underwriting and the application of best practices, the right solutions for your community and market rate returns for investors can be achieved. NCP is currently partnered with Somerset Development Company to focus on projects in the Washington, DC and Baltimore, MD metropolitan areas. MAC Realty represented Portner Flats, LLC and was critical in facilitating this highly-complicated transaction. MAC Realty Advisors LLC is a Washington, DC-based, full-service real estate advisory firm specifically focused on the residential and mixed-use developer and apartment-owner community.
About Deutsche Asset Management
Deutsche Asset Management – Real Estate
Deutsche Asset Management’s real estate investment business has been investing in real estate assets for more than 40 years. As part of the Alternatives platform, this business has more than 410 employees around the world and $52.2/€47.9 billion in assets under management as of December 31, 2015, and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver attractive long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide. To learn more about Deutsche Asset Management's real estate investment capabilities, go to www.deutscherealestate.com.
Deutsche Asset Management
With about EUR 739 billion of assets under management (as of March 31, 2016), Deutsche Asset Management¹ is one of the world’s leading investment management organizations. Deutsche Asset Management offers individuals and institutions traditional and alternative investments across all major asset classes.
¹ Deutsche Asset Management is the brand name of the Asset Management division of the Deutsche Bank Group. The respective legal entities offering products or services under the Deutsche Asset Management brand are specified in the respective contracts, sales materials and other product information documents.
About High Street Residential
At High Street Residential, a wholly-owned residential subsidiary of Trammell Crow Company, our expertise is mixed-use projects on premier sites in major U.S. cities, very often adjacent to transit hubs. In the last decade the company completed more than 5,100 units with more than $1.2 billion in value. We manage the development of apartments, condominiums and townhomes and have a have a deep background in urban, infill mixed-use residential development, as well as the redevelopment or repurposing of existing facilities. We have a current pipeline of nearly 10,000 units valued at nearly $3 billion. For more information, visit www.highstreetresidential.com.