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Rock Creek Property Group buys building and apartments in Washington, D.C.

• January 30, 2012
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Rock Creek Property Group has acquired 1100 16th St. NW, a four-story, 28,366-square-foot building in Washington, D.C.’s Central Business District for $4.7 million, or about $167 per square foot.

D.C.-based Rock Creek, a commercial real estate investment company, taped its opportunity fund —Rock Creek Fund I Investors LLC — for equity associated with the acquisition. It purchased the property at a foreclosure auction from Cardinal Bank, based out of Tysons Corner. 

Rock Creek plans to gut the building and convert it into an office headquarters location for use by a single tenant. The building includes space for 120-plus employees and has 18-foot ceilings with a 1,700-square-foot rooftop deck with views of the Washington Monument.  “If one could just look past the maze-like existing configuration of the property, this asset really has it all — efficiency, a prominent corner identity, loft-like interior spaces, a bull’s-eye location and close proximity to Metro,” Rock Creek partner Gary Schlager said in a statement. “It represents the only available building of its kind in the 20,000 to 40,000-square-foot range delivering in 2012.”

Rock Creek expects to begin construction in the first half of 2012, with completion scheduled for later in the year.

In a second deal, Rock Creek and its joint venture partner, BBP, bought Juniper Gardens, a 71-unit apartment community for $4.1 million, or $57,746 per unit. It purchased the property from Premier Bank (formerly Washington, D.C.-based Adams National Bank). It plans to gut and renovate the six-building complex located at Eastern Avenue NW and Juniper Street NW, but will keep the property as an apartment community. The work should be complete by 2012 or early 2013.