Grosvenor Americas (Grosvenor), a private property investment and development company, announced today that its Structured Development Finance Program has made a $11,735,000 commitment to Ditto Residential’s (Ditto) 44-residence Watkins Alley project in Washington, D.C.’s Capitol Hill East neighborhood.
Watkins Alley will be developed by Ditto Residential in a joint venture with OPaL, LLC and will include 29 townhomes, 14 condominiums, and one carriage house, together with one level of below-grade parking.
Watkins Alley is located across the street from Ditto’s recently delivered boutique condominium project, the Buchanan School. Its prime location places Watkins Alley only a few steps from Pennsylvania Avenue, within two blocks of the Potomac Avenue metro station, and a short walk from Barracks Row and Eastern Market. It is also in close proximity to three grocers: Trader Joes, Harris Teeter, and a Safeway which is undergoing a complete renovation across the street from the project. Construction is set to begin in Spring 2018 and delivery is slated for late 2019.
Rendering of Watkins Alley, courtesy of Ditto Residential
“Last year, Grosvenor made nearly $50 million in strategic regional investments throughout the nation, and we hope to exceed that goal this year,” said Matthew Stein, Manager of Co-Investment at Grosvenor. “Watkins Alley is a strong fit for our financing portfolio and Ditto Residential is similarly well-aligned with how Grosvenor operates, which emphasizes a long-term commitment to creating needed housing and contributing toward urban vibrancy.”
“Grosvenor Americas is very deliberate, and strategic, when it comes to their investments and the types of projects with which they involve themselves,” said Martin Ditto, CEO of Ditto Residential. “We’re excited to have Grosvenor as a value-add partner, not just in their funding but in their own property development experience. Once delivered, we believe Watkins Alley will offer a truly exceptional living experience in Capitol Hill.”
Since 2015, Grosvenor has provided more than $40 million in financing for projects throughout the DC region. Projects include: PN Hoffman’s The Bower, a 137-unit condominium project located in The Yards in Southeast D.C., Madison Investments’ Elysium Logan, a 32-unit boutique residential property in Logan Circle, and Northfield Development’s Slade Townhomes, an 18-unit townhome community located in Alexandria, Virginia.
Grosvenor’s Structured Development Finance Program provides flexible partnership financing to an established and growing portfolio of leading residential and mixed-use developers in Washington, D.C., Seattle, San Francisco, Los Angeles, and Vancouver (Canada). With a total commitment of $317 million, the Program is currently invested in 19 projects across five cities, and it has financed the development of 2,156 new homes since 2013.
In addition to their Structured Development Finance Program, Grosvenor has, either through joint venture partnerships or as sole developer, delivered some of the Washington metropolitan area’s premier multi-family properties, including: District, in Logan Circle; F1RST, in Navy Yard; and Central, in Silver Spring. Grosvenor also owns and operates a mix of office, retail and residential properties throughout the Washington region, including 1701 Pennsylvania Avenue, NW and 1500 K Street, NW.
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Notes to Editors
Grosvenor Americas is an active developer, investor and co-investor across Canada and the USA. Our strategy is to invest in vibrant urban locations where we can add value and address some of the challenges that face our markets, including housing affordability supply.
Our active development pipeline includes 875 California Street, in San Francisco and The Pacific in downtown Vancouver, as well as the second phase of Grosvenor Ambleside in West Vancouver. Our Structured Development Finance programme invests in projects that address affordability issues by providing capital to early stage developers, and our Investment programme adds value to residential, retail and commercial assets in high-quality places.
Grosvenor Americas is part of the Grosvenor Group, one of the world’s largest privately-owned property companies which develops, manages and invests in property in more than 60 cities around the world.
As at 31 December 2017, Grosvenor Americas had assets under management of C$5.0bn.
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Based in Washington, D.C., Ditto Residential is a leading real estate development firm focused on high quality, design-driven development. Started in 2008, the company’s current pipeline includes 330,000 square feet and 240 units of new development in some of the city’s most dynamic neighborhoods. More information can be found by visiting the company’s website: www.dittodc.com