The JBG Cos. sold its 212-unit The Woodley apartments by the Woodley Park Metro for a record-setting $195 million, or roughly $920,000 per unit earlier this year.
The price might seem hard to fathom until you try to rent one of them. Units in the development at 2700 Woodley Road have been priced at up to $12,000 a month, making the development one of the most expensive multifamily rental properties in the District. The Woodley, managed by Greenbelt-based Bozzuto Group, features plenty of high-end amenities such as a dog spa, landscaped rooftop terrace, and 24-hour concierge.
TTR Sotheby's International Realty has been retained to help market the units to interested renters, and broker Louis Cardenas said he has received plenty of interest from potential renters from as far away as Madrid. Some people with $12,000 to spend a month on housing might be inclined to buy instead, but Cardenas said The Woodley is meant to appeal to foreign diplomats, graduate students and other Washington transients who want the flexibility of a rental over the stability of a mortgage payment. Cardenas also figures some companies may want to rent suites for traveling corporate executives and to host events.
"The property, being located where it is at the Woodley Park Metro, it is spectacular," Cardenas told me Monday. "In my opinion, it's the nicest rental building in D.C. right now."
Units in the building will range from about $2,700 a month for a 622-square-foot studio on up to $12,000 for one of the development's two-story, 2,273-square-foot, three-bedroom penthouses, complete with an outdoor terrace large enough to hold a function, Cardenas said. Cardenas declined to disclose how many renters have pre-leased units at The Woodley, which saw the first of its tenants move in late last month. You can find more information on the listing from TTR's website.
Is $12,000 a month too steep? Cardenas said there's another option in Foggy Bottom, where a 1,773-square-foot penthouse in Boston Properties' The Avenue is going for $11,000 a month.
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