HFF announced today that it has closed the sale of Allegro, a 297-unit, high-rise multi-housing community in Washington, D.C.
HFF marketed the property on behalf of the seller, Federal Capital Partners. Prudential Real Estate Investors purchased the asset on behalf of one of its client funds.
Allegro is located at 3460 14 th Street NW within walking distance to the Columbia Heights Metro Station, a Super Giant grocery store, DC USA and Tivoli Square in the Columbia Heights neighborhood of Washington, D.C. Completed in 2009, the property features studio, one- and two-bedroom units averaging 740 square feet each. Community amenities include a resident lounge, two courtyards, athletic club with yoga and pilates room, party room, media lounge, internet café and business center, underground parking and resident grilling stations. Allegro’s retail space is 100 percent leased to tenants including restaurants Thaitanic II and Le Caprice, as well as Allegro Cleaners.
The HFF team representing Federal Capital Partners was led by senior managing directors David Nachison and Alan Davis and director Brenden Flood.“The sale of Allegro represents a continuing trend of institutional capital seeking core multi-housing investments in Washington, D.C.’s best urban neighborhoods,” according to Nachison. “Columbia Heights has proven itself as a magnet for the young professional renter demographic that all owners seek.” Federal Capital Partners is a leading real estate investment company based in the Washington, D.C. metropolitan area. Since its inception in 1999, FCP has invested more than $3 billion in residential and commercial assets. PREI® is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Madison, N.J., PREI has other offices in Atlanta, Chicago, Miami, New York, San Francisco, London, Lisbon, Luxembourg, Munich, Paris, Istanbul, Abu Dhabi, Mexico City, Rio de Janeiro, Sao Paulo, Beijing, Hong Kong, Seoul, Singapore, and Tokyo. In addition, PREI has representatives in Milan and is establishing a presence in Sydney (pending regulatory approval). As of June 30, 2012, PREI managed approximately $50.1 billion in gross real estate assets ($33.8 billion net) on behalf of more than 490 clients worldwide. For more information, visit http://www.prei.com. Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales, and commercial loan servicing. www.hfflp.com.