Washington, D.C.
MEAG in cooperation with CBRE Investment Management Acquire Trophy Property in Washington, D.C.
September 20, 2024
Media Contact
Josh Stoffregen-Foye
Senior Director, Global Head of Media Relations
MEAG, Munich Re’s asset manager, in cooperation with CBRE Investment Management, has acquired the Westlight Apartments, a premier, top-tier LEED Gold status mixed-use development in Washington, D.C. on behalf of Munich Re Group.
Westlight, a boutique, top-of-market multifamily asset in the District, features high-quality amenities including a rooftop pool, sun deck, state-of-the-art fitness center and on-site Michelin star restaurant. The Property also features large floorplans and trophy AA unit finishes such as floor-to-ceiling glass walls, natural hardwood flooring, Italian high-glass cabinetry, Caesarstone quartz countertops, Thermador and Bosch appliances and gas cooktops.
The acquisition includes the purchase of the 93-unit state-of-the-art apartment building which sits above the West End Library and 7,200 SF of fully leased ground-level retail space.
This coveted address in Washington’s West End is steps from the Kennedy Center, M Street’s lively scene and Dupont Circle’s confluence of galleries, shops and restaurants. The high-end community, one of D.C.’s most cultured neighborhoods, also includes two restaurants, including on-site Michelin-starred Imperfecto: The Chef’s Table. The property has a Walk Score of 97, Transit Score of 89 and a Bike Score of 94.
"We are thrilled to announce the successful acquisition of this highly coveted development, marking the next step in our powerful partnership with MEAG," Brynn Wendel, Director of Residential Transactions for CBRE Investment Management, said. "The Westlight project aligns with CBRE IM’s investment strategy while achieving all of MEAG’s investment objectives. This includes its prime location in a target market along with a host of impressive, top-tier amenities. This strategic acquisition underscores our commitment to delivering superior value for our clients, partners and investors."
“Located in the heart of Washington D.C.’s West End, Westlight is an ideal addition to Munich Re's growing U.S. residential portfolio,” said Volker Zinkl, Head of Real Estate Asset Management International, MEAG. “We are convinced of the long-term outperformance of walkable prime locations, which continue to attract talent and foster economic growth with their attractive environment.”
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $142.5 billion in assets under management* as of June 30, 2024, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
Westlight, a boutique, top-of-market multifamily asset in the District, features high-quality amenities including a rooftop pool, sun deck, state-of-the-art fitness center and on-site Michelin star restaurant. The Property also features large floorplans and trophy AA unit finishes such as floor-to-ceiling glass walls, natural hardwood flooring, Italian high-glass cabinetry, Caesarstone quartz countertops, Thermador and Bosch appliances and gas cooktops.
The acquisition includes the purchase of the 93-unit state-of-the-art apartment building which sits above the West End Library and 7,200 SF of fully leased ground-level retail space.
This coveted address in Washington’s West End is steps from the Kennedy Center, M Street’s lively scene and Dupont Circle’s confluence of galleries, shops and restaurants. The high-end community, one of D.C.’s most cultured neighborhoods, also includes two restaurants, including on-site Michelin-starred Imperfecto: The Chef’s Table. The property has a Walk Score of 97, Transit Score of 89 and a Bike Score of 94.
"We are thrilled to announce the successful acquisition of this highly coveted development, marking the next step in our powerful partnership with MEAG," Brynn Wendel, Director of Residential Transactions for CBRE Investment Management, said. "The Westlight project aligns with CBRE IM’s investment strategy while achieving all of MEAG’s investment objectives. This includes its prime location in a target market along with a host of impressive, top-tier amenities. This strategic acquisition underscores our commitment to delivering superior value for our clients, partners and investors."
“Located in the heart of Washington D.C.’s West End, Westlight is an ideal addition to Munich Re's growing U.S. residential portfolio,” said Volker Zinkl, Head of Real Estate Asset Management International, MEAG. “We are convinced of the long-term outperformance of walkable prime locations, which continue to attract talent and foster economic growth with their attractive environment.”
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $142.5 billion in assets under management* as of June 30, 2024, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.