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April 15, 2016

AvalonBay pays $24M for half block on Wall

Rendering courtesy of Ankrom Moisan Architects [enlarge]

An entity of AvalonBay Communities on Thursday paid $24 million for a half-block site at 210 Wall St. in Belltown where the real estate investment trust plans a 24-story apartment complex.

The seller was Carpenters Tower LLC, which lists MEPT Subsidiary REIT Management LLC as its manager. A June 2015 story in the DJC said Carpenters Tower LLC is made up of Carpenters Union Local 131 and Multi-Employer Property Trust.

The site was once home to The McGuire, a 25-story apartment tower that was torn down in 2011 because of construction defects just a decade after it was completed.

Ankrom Moisan Architects is designing AvalonBay's project and Brumbaugh & Associates is the landscape architect. It will have about 300 apartments, 10,000 square feet of retail and 250 underground parking spaces.

The complex will have three levels: a six-story podium, a mid-rise tier and a full-height tower. Large decks will be located on top of the podium and the tower.

Retail is planned along Wall and Vine streets, and Second Avenue.

AvalonBay is based in Arlington, Virginia, and develops, redevelops, acquires and manages apartments in the U.S.