The Banks

About The Banks

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present the opportunity to acquire The Banks, a Class A multifamily community located along Washington, DC’s Southwest Waterfront, steps from The Wharf, DC’s most dynamic mixed-use destination. Delivered in 2019, the property offers a best-in-class living experience with modern unit finishes and a highly curated amenity package. Residents at The Banks can walk to more than 60 restaurants, bars, and cafés at The Wharf, including Gordon Ramsay Hell’s Kitchen, Del Mar de Fabio Trabocchi, and Rappahannock Oyster Bar, plus live music at The Anthem, Union Stage, and Pearl Street Warehouse, boutique fitness studios, and waterfront gathering space at District Pier and the marina. An eight-minute walk from The Banks connects residents to L’Enfant Plaza Metro, where five lines reach the metro’s largest employment hubs quickly, including Downtown DC in roughly two minutes, Arlington in 12, Bethesda in 30, and Tysons Corner in 35, along with Reagan National and Dulles airports. These employment hubs contain a wide employment base spanning federal agencies, government contractors, and blue-chip private companies, including Booz Allen Hamilton, Capital One, Freddie Mac, Marriott, Google, Goldman Sachs, PwC, and the National Institutes of Health, supporting durable long term renter demand. The property is supported by strong core demographics, including high household incomes, educated renter base, and a young professional population. Washington, DC is poised for a sustained period of growth as constrained new supply, regulatory reform, and a rebounding urban core converge. Multifamily development economics have become increasingly challenging due to rising construction costs and elevated financing rates. Replicating an asset of The Banks’ quality, scale, and location today would require a meaningfully higher basis exceeding $500k/unit. The District’s pipeline has slowed down significantly with projected 2026 deliveries at 0.7% of total inventory versus a 3.8% average from 2019 to 2023, supporting long-term rent growth and occupancy. Recent legislative changes under the DC Rental Act, including TOPA reform and expedited eviction processes, are expected to enhance operational efficiency in the District, particularly for newer vintage assets such as The Banks. Vibrancy is returning to Washington, DC. faster than to any other major metro, with office attendance up nearly 8% year-over-year and Metro ridership up roughly 11%. Renewed activity drives demand for transit-oriented, amenity-rich communities like The Banks. The Banks also offers operational upside; consolidating full-time employee roles and adjusting the concierge program from 24/7 coverage can lower payroll costs by approximately 20%.