RPM Living Acquires 260-Unit Margarite Apartment Building From Grosvenor For $110 Million

The Margarite apartment building is a 260-unit multifamily property located at 1280 Union Street Northeast in Washington, DC. It was sold for $110,000,000, equating to $423,077 per unit. The building was completed in 2023 and offers a range of one-, two-, and three-bedroom units, along with extensive resident amenities.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $110,000,000
• Units: 260
• Price Per Unit: $423,077
• Buyer: RPM Living
• Seller: Grosvenor
• Financing: $70 million loan from New York Life Insurance and Annuity Corp.

The transaction involved RPM Living acquiring the asset from Grosvenor, marking a significant investment in the Washington, DC market. The deal highlights the collaboration between the buyer and seller in transferring ownership of a newly constructed multifamily asset.