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January 11, 2012 (Washington, DC) – The principals of Rock Creek Property Group and their joint venture partner, BBP, announced today that they have acquired Juniper Gardens, a 71-unit apartment community comprising 7700-7730 Eastern Ave. NW and 815-825 Juniper St. NW in Washington, DC, for $4.10 million, or $57,746 per unit based on the existing apartment count.

DC-based Rock Creek, a commercial real estate investment company, utilized its opportunity fund, Rock Creek Fund I Investors LLC, for the equity associated with this acquisition. Reston-based WashingtonFirst Bank will provide the construction financing. The property was purchased from Premier Bank (formerly DC-based Adams National Bank).

Rock Creek, which plans a complete gut-renovation of the six-building complex and will retain the existing use as an apartment community, has retained Washington-based Bonstra Haresign Architects as the architect for all facets of the project. Rock Creek expects to commence renovation of the property in the first half of 2012, with delivery scheduled for late 2012 or early 2013. 

“This area of Northwest DC is on the rise,” says Rock Creek Partner Andy Glick. “Development from Silver Spring has extended south down Georgia Avenue, and Juniper Gardens will benefit from this migration. Renters at Juniper Gardens will enjoy living in much larger, completely renovated units for less rent than just a few blocks up the street.” 

The Juniper Gardens’ deal is Rock Creek’s fourth acquisition within its investment fund. The fund completed its first purchase in 2009 and, since then, has bought properties at a steady clip. Dating back to 2002, Rock Creek has worked with more than 100 private investors and pension plans on individual investments from $2 million to $20 million. In total, Rock Creek’s principals have acquired several hundred million dollars of commercial properties, including office, industrial, medical-office, multi-family, retail and urban-infill sites in and around DC.

About Rock Creek Property Group:

Rock Creek Property Group, founded in 2002, is a commercial real estate investment company based in Washington, DC. Its principals own a diverse portfolio of office, industrial, multi-family and retail properties in the mid-Atlantic region. Over the years, Rock Creek’s principals have acquired several hundred million dollars worth of commercial properties.

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