JLL Capital Markets arranged the sale of the 245-unit The Shay located in the Shaw neighborhood of D.C.
News release
14 June 2023
Best-in-class multi-housing community in Washington, D.C. sells
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WASHINGTON, D.C., June 14, 2023 – JLL Capital Markets announced today that it closed on the sale of The Shay, a 245-unit, best-in-class multi-housing community located in the highly sought-after Shaw neighborhood of Washington, D.C.
JLL represented the seller in the transaction.
Built in 2015, The Shay features studio, one- and two-bedroom units with floor-to-ceiling windows, nine-foot ceilings, stainless steel smart appliances, custom cabinetry and quartz countertops. Community amenities include a heated pool with sundeck, two landscaped rooftop decks with seating and grills, catering kitchen and dining area and a fitness center.
Situated at 1924 8th St. NW, the property is located at the confluence of Shaw and the U Street Corridor at the intersection of 8th Street and Florida Avenue. The Shay is just three blocks from the Shaw-Howard University and U Street Metro Stations. Residents benefit from premier walkability to all area amenities, as well as several grocers. Additionally, it is within one mile from over 100 million square feet of downtown office space and 2.5 million square feet of retail, which includes the top restaurants, bars and entertainment venues.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Robert Jenkins and Bret Thompson.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Bernstein Management Corporation
Bernstein Management Corporation (BMC) has been a regional leader in real estate management for 70 years. BMC’s investment affiliate is a fully discretionary, private real estate fund with assets valued at over $2.0 billion, low leverage and significant capacity to make additional investments. Focusing exclusively on the Washington D.C. metropolitan area, the portfolio currently includes 80+ properties representing over 5,500 residential units and 3.3 million square feet of commercial space including office, retail and industrial assets. BMC’s team of over 230 industry experts manage the portfolio with a hands-on, vertically integrated approach. For more information, visit bmcproperties.com.