Akridge, Western Development Pick Up Former CG HQ at Buzzard Point

A consortium of real estate developers and investors, including Orr Partners, Redbrick LMD LLC, and Jefferson Apartment Group, led by Western Development Corporation and Akridge announced the acquisition of the former U.S. Coast Guard headquarters at Buzzard Point in DC for $49.3 million. The Akridge and Western Development team said it has plans to redevelop the property with Orr Partners and Jefferson Apartment Group into a mixed use project. Washington-based Redbrick sourced, capitalized, and structured the transaction, with EagleBank and Greenfield Partners providing financing for the project.

"Just as Akridge and Western did so well at Gallery Place, at Riverpoint we will create a place that brings people to a unique spot in DC – the confluence of the Anacostia and Potomac Rivers—to enjoy great food, listen to music, and relax at the water's edge," said Herb Miller, Chairman of Western Development Corporation.

"We are thrilled to partner with Western Development again," added Matt Klein, President of Akridge. "Riverpoint is an incredible opportunity and we are eager work with such a talented team to build DC's next great waterfront community there."

The new project, dubbed Riverpoint, will deliver 80,000 square feet of restaurant and retail space, as well as over 450 apartment and condominium units and waterfront activities with new piers, floating restaurants and the continuation of the Anacostia Riverwalk Trail. Riverpoint will feature three sides of unobstructed water views, and connect the area with the new DC United stadium and other developments along the Capitol Riverfront, including the Ballpark District, and The Wharf. Western Development will lead the development and leasing of the retail and waterfront portions of the project.

For more news and information visit Blumberg Partners.

Altus JV's $80M Baseball District Project

Arlington, VA-based Altus Realty is partnering with EagleBank CEO Ron Paul's private real estate company, Ronald D. Paul Cos., to develop a 220,000 square foot mixed-use complex in DC's Baseball District in the 1300 block of South Capitol Street SW. According to a Bisnow report, Paul purchased the 30,357 square foot parcel for the project for $11 million. The project was facilitated by MAC Realty Advisors, which arrange the sale of the land on behalf of several land owners and then arranged an acquisition and predevelopment loan from a regional bank, as well as helping to structure the JV between Altus Realty and the regional investor.

The project's development costs tally up to $80 million MAC Realty Advisors' Bruce Levin told GlobeSt.com. It will deliver in 2018. The project will have about 250 apartment units plus some retail, Levin also says. "There is a lot of development in the Baseball district, but this project is particularly attractive because it will be directly facing the Washington Nationals Stadium."

For more news and information visit Blumberg Partners.