Real Estate Leader Urban Pace Forecasts a Year of Continued Explosive Growth and Reach
(Washington, DC—March 4, 2019) Urban Pace, a recognized leader in residential real estate development services and placemaking, celebrates a successful year of heightened influence in the Mid-Atlantic’s rapidly expanding luxury real estate markets. Looking ahead at 2019, the firm forecasts continued explosive growth for luxury residential in the region.
“Just as Washington increasingly became a top-tier player on the global luxury real estate stage in 2018, so, too, did Urban Pace grow its reach throughout the Washington, D.C. region,” said Clint Mann, President of Urban Pace. “With solid contributions from every member of our team, we have doubled our revenue since 2017. We expect that momentum to continue as we present iconic projects that become landmarks for positive change in their communities.”
The Urban Pace 2019 Forecast
With unemployment and interest rates still at historic lows, demand for upscale residences is likely to remain strong. Housing costs are likely to stay relatively flat year-over-year, but increased job opportunities and population growth, coupled with low inventory, will begin to apply more upward pressure on pricing.
- More residential projects will deliver and/or open for sales in 2019 than the nation’s capital has seen in ten years. Despite this new inventory, the Washington market will still be under-supplied. Urban Pace foresees buyers making decisions faster, because the newly arrived projects promote choices – a reversal from an options-limited market in which buyers might have felt restricted because they were limited to just one or two available condo projects.
- For 2019, Urban Pace predicts a softening in the rental market in select submarkets, where a massive number of new units will deliver at the same time, although that should stabilize over a relatively short period of time.
- While jobs are still on the horizon, the Amazon announcement of a second headquarters in Northern Virginia has increased the profile of the city, lending a heightened prominence and excitement that will draw even more jobs and increased interest from foreign investors.
Urban Pace Projects on the 2019 Horizon
Urban Pace heads into 2019 with a number of large, high profile projects.
- Urban Pace has been engaged to bring its exclusive sales and marketing strategies to a new 127-unit condominium community overlooking the home of Major League Baseball’s Washington Nationals. Developed by Jair Lynch Real Estate Partners, sales of eNvy at 70 N Street SE will begin in early 2019, as the only condo development in Washington’s rapidly growing Capitol Riverfront submarket with views directly into Nationals Park.
- UIP, Kadida Development and United Investments tapped Urban Pace to market a 99-unit project, Tribeca, at 40 N Street NE in the booming NoMa neighborhood.
- Urban Pace is also representing a second project in NoMa, Congress Place, a 62-unit development for J Street at 1109 Congress Street, NE.
- Urban Pace was selected as the development consultant and sales agent for The Brooks at Walter Reed, a new 89 unit condominium project by Urban Atlantic and Hines, as well as the first townhome project, featuring 58 townhomes, at the former Walter Reed Army Medical Center. The Brooks is the first residential phase of the transformation of the historic 66-acre campus into a vibrant new urban centerpiece.
Urban Pace Highlights of 2018
Urban Pace on the Move
In 2018, to accommodate the firm’s rapid growth, Urban Pace moved into new offices at 1428 U Street NW in the heart of the thriving U-Street Corridor. The new offices give it more room for its expanding team and more space for meeting with clients and partners.
The Urban Pace Team
In 2018, Urban Pace met an increased demand for its unique expertise and proprietary strategies with new additions to the team. Urban Pace welcomed two of the top new home sales professionals, Jennifer Felix and Laura Henne, to the team this year, each with over 17 years of new home sales experience.
Urban Pace Influence
In 2018, Urban Pace launched its inaugural Luxury Trends Conference bringing to Washington some of the country’s leading real estate and design experts. In partnership with Urban Pace, Long & Foster, and Christie’s International Real Estate, the gathering of experts concluded, among other findings, that developers of new residential projects must look beyond unit sizes and upscale finishes to deliver a differentiated product that offers unique, personalized and customized experiences. The conference also revealed increased interest among international buyers in Washington, a market where most luxury property is owner-occupied.
Urban Pace Completed Projects of Distinction
Urban Pace continued to exceed client expectations with exclusive sales and marketing strategies that drew success in 2018 to some of the most anticipated new and reimagined residential communities in the nation’s capital.
- With exclusive Urban Pace representation, the sell-out of the first new construction condominium community in Washington’s NoMa neighborhood cemented the neighborhood’s emergence as a sought-after live/work/play environment. Pullman Place at 911 2nd Street NE also achieved unprecedented prices within the submarket.
- Urban Pace completed a rapid 60-day sellout of Eleven15th, a development of new condominiums on Capitol Hill by Lock 7 Development. Converted from an apartment building at 11 15th Street, NE, the new boutique residences in Washington’s Lincoln Park neighborhood were priced between the mid $300,000s and low $500,000s with the top floor condo boasting a private rooftop with city and monument views.
- Bordering the popular H Street Corridor, The Collins followed Eleven 15th in drawing very high demand for luxury living in a dynamic urban neighborhood. Presented by Lock 7 Development, The Collins, at 1344 Maryland Ave., NE, featured private outdoor space including a roof deck on select residences.
- Urban Pace was tapped to exclusively represent The Clare, a new residential community in the dynamic Petworth neighborhood of Northwest Washington. Reflecting the authentic, cool vibe of its surroundings, the residences at 129 Varnum St., NW, offered a rare and affordable opportunity to capture a piece of one of the most exciting urban neighborhoods in the nation’s capital.
- Urban Pace opened the door to Meridian Park West, a premier luxury condominium development from The Fenton Group. The meticulously designed units in an historic property at 1455 W Street, NW, represented an exclusive opportunity to own new construction in the highly desirable 14th and U neighborhood.
- Urban Pace was engaged to represent the residences at 1219 Park, luxury units averaging an impressive 1,575 square feet, in Washington’s richly historic Columbia Heights neighborhood. Presented by A3 Development, 1219 Park offered prospective buyers distinctive luxury features and proximity to the finest in urban amenities.
- Urban Pace sold out The Delaney, a new boutique condominium development in Washington’s Walter Reed redevelopment district. Developed by PT Blooms, the residences at 7101 Georgia Avenue NW combined modern architecture with community history in an increasingly popular and exciting D.C. neighborhood
- The award-winning and luxuriously appointed apartment community South Cathedral Mansions achieved stabilization in record time. Urban Pace collaborated with property manager Oculus Realty to reach peak occupancy within an unprecedented eight months after the initial lease-up period.
- Urban Pace oversaw the groundbreaking at Seven|H, luxury residences at 646 H Street, NE developed by Rock Creek Property Group and Cornerstone Development Group to challenge the norms for residential development and redefine the H Street Corridor as we know it today. Sales will begin in 2019.
- A premier luxury community represented by Urban Pace was tapped by Delta Associates to receive one of the consulting and research firm’s coveted Apartment and Condominium Industry Awards for Excellence. The Adele was honored in the category of Best Washington/Baltimore Boutique Condominium Community.
- Urban Pace successfully marketed another new condominium development in the Walter Reed redevelopment district of Washington, DC that sold out in record time. Developed by Maedwell Residential, the distinctive Shepherd Park Condominiums at 1101 Fern Street NW offered sophisticated living in one of the fastest growing neighborhoods in the nation’s capital.
- Urban Pace completed the successful sellout of The Churchill, a luxury condominium community at 514 4th Street, SE, in the nation’s capital. Developed by Altus Realty Partners and Pantheon Capital Partners, the impressive revitalization of this historic pre-Civil War landmark was the highest selling new construction condominium project in Capitol Hill in 2018.
- Urban Pace achieved the highest price points ever seen in Bloomingdale for townhomes, reaching over $1.35M, at Beale Square. Located at 131 – 139 W St. NW, Beale Square offered superior construction, beautiful finishes and private parking garages in each home.
About Urban Pace
Urban Pace is the Mid-Atlantic leader in development real estate services including marketing, sales, leasing and advisory. As a Christie’s affiliate, we are the only firm with luxury and global reach. Founded in 2001, our team is the experienced authority having worked on more than 250 communities from large master planned sites to urban boutique buildings. We specialize in condominiums, townhomes, apartments and new construction sites across all price points. Combining our strategic approach and proprietary technology, UP Velocity™, we have a track record of driving traffic and revenue with extraordinary results. As part of a billion dollar entity, The Long and Foster Companies, we have unmatched resources with a network of 11,000 agents and a dedicated Asia Pacific team.
For more information, please visit www.urbanpace.com or call 202-296-1203. Follow Urban Pace on Facebook, (www.facebook.com/urbanpace) and Twitter (https://twitter.com/urbanpace).