JBG Smith Sells D.C.-Area Multifamily Property for $194M

The modern saga of nine-figure multifamily sales in the Greater Washington, D.C., region continues this week, with none other than DMV powerhouse JBG Smith (JBGS) behind the deal.

The real estate investment trust sold 8001 Woodmont, a 322-unit luxury residential building named for its address at 8001 Woodmont Avenue in Bethesda, Md., to Peterson Companies for $194 million. Developed in 2021, the building also contains about 19,500 square feet of ground-floor retail space, currently anchored by Trader Joe’s.

A JLL (JLL) Capital Markets team led by Robert Jenkins, Bret Thompson and Andrew Gemma represented JBG Smith in the deal. It wasn’t immediately clear who represented Peterson. 

“The sale of 8001 Woodmont demonstrates the continued strong investor interest in high-quality multifamily assets in Bethesda,” Jenkins said in a statement.

While the price fetched for 8001 Woodmont is by far the largest for a residential property in the city lately, Bethesda — located at the northwestern edge of D.C. — and its surrounding area has seen other major investments in multifamily properties in recent months. 

That includes Griffis Edgemoor, formerly Maizon Bethesda, a 229-unit building that Griffis Residential bought at the end of last year from Zom Living for $115.3 million. Sentinel Real Estate in January, meanwhile, paid $150 million to an affiliate of Aventon Companies for Aventon Crown, a 386-unit complex in Gaithersburg, Md., about 14 miles northwest of Bethesda. 

JBG Smith, master developer behind Arlington, Va.’s National Landing district, has also been busy shedding some of its assets across the DMV lately as part of its years-long effort to reduce its portfolio. In September it sold Fort Totten Square, a 345-unit, mixed-use property at the northeastern corner of the District, to a partnership between LBX Investments and Broadwill for $86.5 million. A few months later, in late December, it traded a roughly 375,000-square-foot office at 2101 L Street NW in D.C. to BG Ventures for $110.1 million.

Nick Trombola can be reached at ntrombola@commercialobserver.com.