Multi-Housing News: Bozzuto Tapped to Manage CityCenterDC Apartments
July 09, 2013
Hines and the TFI US Real Estate Fund have selected Bozzuto Management Co. to market and manage the apartment component of the mixed-use CityCenterDC development in Washington, DC. Greenbelt, Md.-based Bozzuto currently manages more than 130 properties on the Eastern Seaboard. In 2011, MHN voted Bozzuto Property Management Company of the Year, and in 2000 and 2009 by the National Association of Home Builders.
CityCenterDC is a development of Hines and The TFI US Real Estate Fund, with Foster + Partners of London and the locally based Shalom Baranes Architects serving as master-plan architects. It’s an urban infill project in downtown DC that will include 458 rental apartments. The 4.5-block parcel is bounded by New York Ave., 9th, H and 11th Sts., NW.
Besides the rental apartment units, phases I and II of the project will contain more than 270,000 square feet of retail space at the base of seven buildings that encompass 520,000 square feet of office space, 216 condo units, a 370-room luxury hotel, a public park, a central plaza, and pedestrian-oriented streets and alleyways.
Construction of Phase I began in March 2011. At the end of 2012, the two office buildings, two apartment buildings and two condo buildings of that phase reached topping out. All of these buildings—including the residential ones—will be available for initial occupancy during the fourth quarter 2013. The general contractor is a JV between Clark Construction Group, Smoot Construction of Washington, D.C., and McKissack and McKissack.
The anchor investor in TFI US Real Estate Fund is Qatari Diar Real Estate Investment Co. (Qatari Diar), the real estate investment arm of the Qatar Investment Authority, which is Qatar’s sovereign wealth fund. The Fund is advised by Tanween, a Qatari real estate development management and consulting firm.
TFI is a leading Shariah investment company in Qatar, regulated by the Qatar Central Bank. A wholly owned subsidiary of Barwa Bank, TFI specializes in investment banking, asset management, and real estate investment.