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Senate Square Sold for $162M

  • July 13th 2010

by Mark Wellborn

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Senate Square Sold for $162M: Figure 1

The Washington Business Journal just reported that Senate Square, the 432-unit apartment complex on the 200 block of I Street NE, has sold for $162.3 million to LaSalle Investment Management.

Those following the saga of this project will remember that Senate Square went into receivership in late 2009 and was sold at auction in February 2010. Westbrook Partners bought the property at auction for around $121 million, so the firm made a tidy profit off the recent sale.

As Sarah Krouse of WBJ reports, Senate Square was just one of a few troubled projects for developer Broadway Capitol LLC:

Broadway had also planned to build 160 to 180 apartments on the Uptown Bakers site at 318 I St. NE and developed the Dumont Condominium at 401-425 Massachusetts Ave. NW. PB Capital Corp. foreclosed on the Dumont in 2008 and iStar Financial foreclosed on the Uptown Bakers property in July 2009.

It will be interesting to see what becomes of the two residential towers. If anyone has any intel, email us at editor2010@urbanturf.com.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/senate_square_sold_for_162m/2260.

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