JBG Smith Properties (NYSE: JBGS) is continuing to expand its multifamily holdings with a big purchase near Union Market.
The company has a contract to purchase The Batley at 1270 Fourth St. NE, an 11-story, 432-unit apartment building over 29,000 square feet of retail, including the La Cosecha Latin American food hall and marketplace. The sale is expected to close by the end of the year as part of a 1031 exchange, a federal tax provision that allows the swap of real estate properties to defer capital gains.
JBG Smith plans to use the proceeds from the planned $150 million sale of the PenPlace development site in Pentagon City to Amazon.com Inc. (NASDAQ: AMZN), which will be home of the second phase of HQ2, to buy The Batley.
Edens, Level 2 Development and Trammell Crow Residential completed that building in 2019 at a cost of $150 million according to Washington D.C. Economic Partnership research. The site of a former warehouse, the site benefited from a larger $82.4 million tax…
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