TIAA-CREF Buys D.C.’s Flats 130 at Constitution Square
- Dec 04, 2014
By Adrian Maties, Associate Editor
TIAA-CREF has added another multifamily property to its Washington, D.C., portfolio. The national financial services organization recently purchased Flats 130 at Constitution Square for an undisclosed price. The seller was a joint venture between Bethesda-based StonebridgeCarras and an affiliate of Walton Street Capital L.L.C., of Chicago.
Flats 130 at Constitution Square is a Class A multi-housing community located at the intersection of First and M streets, N.E., in D.C.’s NoMa neighborhood. The property features 643 studio, one- and two-bedroom apartment units, above a 50,000-square-foot Harris Teeter grocery store, which anchors the ground-floor retail space. Community amenities include a rooftop swimming pool, a club room, a dog park and a two-story fitness center.
TIAA-CREF’s new acquisition was constructed in two phases between 2010 and 2013. Flats 130 is part of the 2.5 million-square-foot, LEED-ND Gold-certified Constitution Square mixed-use development. The apartment community itself is LEED Gold certified and includes numerous green features.
HFF L.P. marketed Flats 130 on behalf of the seller. The HFF team included executive managing director Stephen Conley, senior managing directors Dave Nachison and Alan Davis, and associate directors Brenden Flood and Bret Thompson.
Davis described Flats 130 as “one of the highest-quality residential buildings in the District.” Nachison added that “TIAA-CREF clearly recognized in Flats 130 the very attractive combination of a trophy-quality asset with immediate Metro access and potential for outsize growth with an increasing number of residents, employers and retailers looking to call NoMa home.”
This year has been busy one for TIAA-CREF. The national financial services organization has expanded its Washington, D.C. portfolio with both commercial and residential assets. This summer, it purchased the nine-story Louis at 14th/U residential and retail development for $176.5 million. The sale resulted in a record-breaking $860-per-square-foot price.
Photo credit: flats130.com