Adjacent to MRP’s Elevation, Construction Starts on 387 Units in Phase II July 2019
MRP Realty (MRP), developers and managers of commercial, residential, mixed-use, and industrial real estate across the Mid-Atlantic region, and Barings, one of the world’s largest diversified real estate investment managers, announced today the close of the acquisition of Phases II and III at Washington Gateway in the NoMa (North Of Massachusetts Ave} neighborhood of Washington DC. Barings, on behalf of an institutional investor, will develop the property in a joint venture partnership with MRP.
The Phase II development will be 387 units and include an extensive fitness center, rooftop deck with pool, club room, and dog run – all of which take advantage of its height and views. The venture also closed on the land development for Phase III, which will allow for the construction of an integrated parking garage serving all three Washington Gateway phases (Elevation Gateway, Phase II and Phase III). Construction of the garage will begin concurrently with Phase II construction as the team begins the design process of the Phase III tower. Phases II and III will complement Elevation at Washington Gateway which was delivered by MRP Realty and Barings (f.k.a. Cornerstone Real Estate Advisers) in 2014.
“We believe the demand for this location has been consistently strong since we developed Elevation – which stabilized in July 2015 after just 11 months,” said Matt Robinson, MRP Principal. “Barings is a great partner to see these next two Phases to conclusion.”
“MRP has been a great development partner for this flourishing area,” said Kevin Miller, managing director at Barings. “In the middle of NoMa, Union Market, Eckington and one block from the Metro with additional access via the MBT bike path, this property’s location is one of the strongest and most sought-after corridors in the District.”
About Barings
Barings is a $325+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific.
Barings Real Estate
Barings Real Estate offers a broad range of global investment opportunities across the public and private debt and equity investment markets. We invest in all major property sectors and offer a broad range of financing solutions to real estate borrowers. We also specialize in providing government and government-sponsored entity lending products through our wholly owned subsidiary, Barings Multifamily Capital. Follow us on LinkedIn at www.linkedin.com/showcase/
*As of June 30, 2019
ABOUT MRP REALTY
Founded in 2005, MRP Realty is a real estate operating company focused on opportunistic and value-add investment in the northeastern United States, with offices in Washington, D.C., Maryland, Virginia, Pennsylvania, and New York City. MRP provides to its institutional capital partners a full array of real estate services including: acquisition/disposition, development/construction management, property management, asset management and financial reporting services.
