Gables Residential has announced it has purchased The CityVista apartment building in Mt. Vernon Triangle from Lowe Enterprises. The 244-unit "V at CityVista" was completed in August of 2008 but had been on the market before its completion, with numerous suitors having come close to reaching an agreement to purchase from Lowe. The sales price of the building was undisclosed.
The CityVista complex, developed through a partnership with the DC government, which still owns the land with a long-term lease, was the most successful of the residential developments in Mt. Vernon Triangle. The 441-unit condominium is also selling its last few units this month, the retail section is now almost fully leased.
Atlanta-based Gables Residential owns numerous large apartment buildings throughout the greater Washington DC area, as well as nationally, with over 38,000 apartment units under management, according to its website.
Washington DC real estate development news