WASHINGTON, September 04, 2019 /PRNewswire-PRWeb/ -- W5 Group, Ralph Winter's family office, is pleased to announce the acquisition of a significant majority interest in The Highline at Union Market, a 315,000-square-foot, mixed-use property in Washington, D.C's burgeoning Union Market District. As part of the $150 million transaction, W5 Group acquired Clark Enterprises' entire interest; FCP℠ and Level 2 Development will retain interests in the property.
The Highline at Union Market is a 318-unit, 12-story new construction building located at 320 Florida Ave, NE. It is situated one block from the NoMa/Gallaudet Red Line Metro Station and steps from the Union Market food hall, which offers a wide array of culinary experiences and community events. The surrounding neighborhood enjoys a rich history and has, in recent years, emerged as a vibrant live-work-play environment that is home to an eclectic mix of retailers and a thriving arts scene. Developers have collectively committed to preserving the unique character of the district while fostering a strong sense of community and supporting local entrepreneurship.
The Highline will be the first building in Washington D.C. to offer both conventional apartments and co-living units, allowing residents to select the living arrangement that best suits their needs. One-third of residential units will comprise co-living apartments to be leased and managed by QUARTERS, the global leader in co-living. The building's remaining residential units will be conventional apartments leased by Bozzuto. All residents will be members of the Highline community and enjoy access to high-end amenities including a fitness facility, co-working lounge, expansive rooftop indoor and outdoor amenity areas with an infinity pool, and curated community events. The building also features 10,000 square feet of ground-level retail space, which has already attracted well-known fitness brand Orangetheory.
This acquisition aligns with W5 Group's focus on advancing innovative living concepts in major metropolitan areas. Earlier this year, the firm entered into an investment agreement with Medici Living Group, the parent company of QUARTERS, committing $300 million of equity to expand QUARTERS' presence in gateway cities across the United States.
"This building represents a new generation of buildings made for mixed communities and is a perfect fit for the up-and-coming Union Market neighborhood," said Ralph Winter, principal of W5 Group. "Millennials are increasingly drawn to urban living and authentic, shared experiences. We are offering them something that is quite unique and often absent amid the busy, impersonal nature of city life – the opportunity to inhabit affordable, attractive units while enjoying a strong experiential element and a focus on community."
We're delighted to take this next step toward expanding our U.S. presence with the addition of the Highline, which is a flagship property for us," added Gunther Schmidt, CEO of QUARTERS. "Washington, D.C.'s dynamic job market continues to draw young professionals. This drives demand for lifestyle-oriented and community-centered housing solutions, which we can perfectly meet with our product."
QUARTERS' co-living locations aim to alleviate the stresses of urban living, facilitating a frictionless, technology-enabled experience. Each property offers private, furnished bedrooms within modern apartments that feature attractive common areas and foster a strong sense of community through regular curated events. Rent, utilities, furnishings, smart-home technology, professional cleaning and streaming services are also included as part of the tenant's affordable monthly payment. In total, QUARTERS currently operates in 14 cities in Europe and the U.S., having already established a North American presence with properties in New York City and Chicago. Future developments are slated for San Francisco, Los Angeles, Brooklyn, Boston, Philadelphia, Denver, Austin, Seattle and Miami.
About W5 Group LLC
Established in 2009, W5 Group is the single-family office of prominent European real estate investor and entrepreneur Ralph Winter, with investment teams in Europe and the United States. Ralph Winter has been a leading investor across the residential spectrum, amassing large-scale portfolios of multifamily, student housing, micro-units and co-living apartments. W5 Group seeks long-term value creation, investing across asset classes and capital structures with a focus on innovative real estate opportunities. Learn more about W5 Group at http://www.w5-group.com.
About QUARTERS
With more than 3,000+ beds committed across the U.S. and Europe, QUARTERS is a global co-living brand that offers a new and unique living experience for young professionals. The QUARTERS lifestyle is built on convenience and flexibility and is driven by the understanding that the value of home is created by shared experiences. Learn more at http://www.Quarters.com.
About Level 2 Development
Level 2 Development is a Washington, D.C.-based class A urban residential development firm led by Jeff Blum and David Franco. Level 2 has been an early investor/developer in Union Market and other prime neighborhoods in D.C. Level 2 led the development of the Highline and will now manage the co-living conversion and be the asset manager of the property.
SOURCE W5 Group
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