Union Place

About Union Place

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present the opportunity to acquire Union Place, a 525-unit, Class A multifamily community uniquely located at the convergence of NoMa, Union Market, and the emerging Third Street Corridor in Washington, D.C. Delivered in 2019, the property offers a differentiated, home-like living experience with high-quality unit finishes, an extensive resident-focused amenity package, and three fully leased onsite retail spaces occupied by established neighborhood-serving retailers. These retailers provide convenient access to everyday goods and services while enhancing the resident experience and mixed-use character of the asset. Union Place is further differentiated by its location within walking distance of a dynamic mix of retail, dining, entertainment, and daily-needs amenities. Residents benefit from immediate access to Union Market, Harris Teeter, Trader Joe’s, REI at Uline Arena, the H Street Corridor, and the rapidly emerging Third Street District, which has introduced approximately 60,000 square feet of new retail. Residents benefit from seamless connectivity via the adjacent NoMa/Gallaudet U Metro Station and proximity to Union Station, providing direct access to Downtown, the East End, Capitol Hill, and the broader region. The surrounding area is anchored by a diverse employment base including major public and private institutions such as Google, CNN, the Securities and Exchange Commission (SEC), and the Hart, Russell, and Dirksen Senate Office Buildings, supporting long-term renter demand. Union Place is further supported by strong local demographics, including average household incomes of approximately $137,000, median home values approaching $900,000, a highly educated renter base, and a young professional population. Multifamily development economics have become increasingly challenging due to elevated construction costs and financing rates. As a result, the development pipeline within NoMa and Union Market is non-existent, limiting future competition and supporting long-term rent growth and occupancy. Union Place’s established 2019 vintage, institutional-quality construction, and differentiated resident offering position the property to benefit from this increasingly supply-constrained environment. Recent legislative changes under the DC Rental Act, including TOPA reform and expedited eviction processes, are also expected to improve the transactions process and operational efficiency in the District, particularly for newer-vintage assets such as Union Place.