Grosvenor Adds to DC Footprint with Pair of Residential Acquisitions
Grosvenor Americas has acquired 340 Morse Street, a planned 265,000-square-foot mixed-use residential building in Washington, D.C., along with a smaller condo development in Northeast D.C., Commercial Observer has learned.
The 340 Morse Street property was acquired from Kettler Inc., while the other property was acquired from JBG SMITH, according to Grosvenor.
The sales price for the two acquisitions were not disclosed.
The development, situated at the corner of Neal Place and the newly created Union Street in Union Market, will be designed by Brininstool + Lynch.
“We were drawn to Union Market’s vibe; the street level experience is a vital component to enjoyable urban living and the place has such a remarkable feel when you’re there due to its diverse retail and building scale,” Jonathan Carr, Grosvenor’s senior vice president of development, told Commercial Observer. “And it is not yet even halfway to what it will be, when all is said and done. So, with that growth in mind, and while there are a lot of great residential projects that have delivered recently and some more that are currently under construction, we believe there is an opportunity to add a building which offers a bit of a more boutique residential experience.”
The 13-story 340 Morse Street will include 260 apartments, with construction expected to start in late 2020 with a delivery date of early 2023.
Grosvenor also acquired City Homes, a new 55,000-square-foot condominium development located on Quincy Lane in D.C.’s Eckington neighborhood. Grosvenor’s entry into Northeast D.C. will include 45 multi-story homes in the District’s oldest neighborhood.
“Eckington is a gem of a neighborhood. Our project, as part of the larger Quincy Lane development, will be a nice addition and provide some different housing options for people who have been looking to be a part of that community,” Carr said. “Though not part of our building, the development will be adding some very cool retail, which will be a great addition to the neighborhood.”
Grosvenor has worked on some of the city’s most notable office and residential projects in the D.C.-area, including the Navy Yard, the U Street Corridor, and Silver Spring in Maryland.
“We focus on neighborhoods and communities that have unique attributes that fit well with our approach to design and long-term property stewardship,” Carr said. “Our global experience and ability to use evidence-based research when designing our projects allows us to envision our buildings through a far-sighted lens and combining those tools with the natural attributes of these great communities, we are able, hopefully, to create very special places for residents and visitors.”