Tuesday, August 21, 2007

$10 BILLION coming to DC in joint venture investment.

This morning, a joint venture between a locally based investment group, JBG Companies, and a California based company, MacFarlane Partners was announced. The announcement forms the newest DC based investment company Urban JBG LLC, an alliance of two development superpowers into what could currently be the most stable real estate market in the country. According to the Examiner.com, the partnership has been designed to develop or redevelop 93 sites in the area over the next five years, the largest investment of either company to date. Of the 93 sites, it is estimated that nearly 60% are at or near major mass transit locations including the DC Metro or traffic thoroughfares, only increasing the opportunity for expansion and success for both companies.

Whats more interesting, Victor MacFarlane is the principle investor for DC United, Washington DC's soccer team and the major investor associated with DC's newest RFEI, Poplar Point in Anacostia, that 130 acre site MacFarlane has been trying to get his hands on with his $150 Million, $50 Million short of the Cities required $200 Million bid for the site.

MacFarlane currently has relationships with one of the most well known developer based real estate companies, Monument Realty, who I would expect will be associated with their release of Residential, Commercial, Retail and Warehousing in their expected development of the area.

A special thanks for Melissa Frederick of the Examiner. Her article can be found here.

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