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Standard Real Estate Investments Assembles DC Metro Site for $290M Mixed-Use
Standard Real Estate Investments has acquired a seven-property land assemblage in Washington, DC’s Congress Heights for the development of 179 affordable residential units and 240,000 square feet of office space. The two-acre site includes the southern entrance to the Congress Heights Metro station.
Standard’s assemblage and acquisition also provide a way forward for the long-contested site. Parts of the assemblage had been subject to litigation brought by the Congress Heights SE Tenants Association against the previous ownership, which has now been resolved as part of this transaction.
Trammell Crow Company will execute the leasing and development of the site’s office component with Standard. NHT Communities will develop 179 apartment units for DC residents earning between 30% and 80% of area median income. In addition, approximately 35% of the units in the new apartment building will be two- and three-bedroom family units to serve an identified need in the community.
- ◦Development
