Skanska Sells DC Luxury Apartments for $141M


Milwaukee-based Northwestern Mutual has purchased a luxury apartment building at 22 M Street NE in Washington D.C.’s NoMa neighborhood for $141M, according to the seller, Skanska.

RESA is Skanska’s first luxury multifamily project in the D.C. area, according to a statement from the development and construction firm. Walking distance from Union Market, the 12-story property features 326 units and more than 10,000 square feet of resident amenities such as a rooftop terrace and 7,431 square feet of restaurants and retailers. It’s expected to deliver this quarter.

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“We are incredibly proud of the modern, luxurious and comfortable environment we’ve created at RESA… the building’s extensive amenities and stylish interiors were carefully selected to meet the needs and match the vibrancy of the emerging, contemporary community,” Mark Carroll, an executive vice president at Skanska, said in the statement. “We look forward to creating more exceptional living environments for D.C. residents in the future.”

Northwestern Mutual purchased RESA because it offered a “unique opportunity” for the firm to own a newly constructed “state-of-the-art apartment project in a highly desirable D.C. location that offers great access to public transportation and is within walking distance of a host of amenities and employers,” Peter Jahn, a director at Northwestern Mutual Real Estate, said in a prepared statement. “We are excited about this investment in one of the preeminent apartment markets in the country and confident that it will generate strong returns.”

Walter Coker and Brian Crivella of HFF represented Skanska in the transaction. They did not return CO’s request for comment. It’s unclear if the buyer was represented by a broker.