Urban Pace Brings Two DC Luxury Properties to Chinese Investors
Washington, DC, January 5, 2017 – Chinese investors had a unique opportunity to get a first look at two high-end Washington DC condo projects currently under construction, thanks to real estate advisory Urban Pace’s new global platform. The Adele, Ellisdale Construction and RED Multifamily’s boutique project located at 16th and K NW, and The Memphis, a Rooney Properties project in Petworth, were featured prominently at the invitation-only Luxury Properties Show in Shanghai, China last month that drew more than 6,000 targeted VIP buyers.
“The Washington, DC market is increasingly attractive to high net worth Chinese investors because it is less expensive than other markets such as New York,” said Lynn Hackney, founder of Urban Pace. “By joining forces with The Long & Foster Companies earlier this year, we now have the ability to showcase our growing inventory of new condo developments to these investors who will be looking even more closely at the Washington, DC region.”
The exhibition at the Luxury Properties Show reached more than 550 prospects and generated nearly 60 qualified leads among wealthy Chinese buyers. By the end of 2016, Chinese investors were expected to spend more than $50 billion in real estate overseas.
Eric Chen, Long & Foster’s director of Asia-Pacific initiatives, traveled to the event, which was held Dec. 9-11 and included over 120 exhibitors and offered more than 50 forums. Chen met with some of the largest real estate companies and services firms in China including Homelink Real Estate Agency, B.A. Consulting and its subsidiary 5i5j Group, Fang.com, China Real Estate Association, and Ping An Insurance group, among others.
“Chinese buyers are continuously seeking information about the U.S. real estate market and how they can break into it. They are eager to learn about what investment opportunities are available here and what they need to know about the process,” Chen said. “The event was a great opportunity to provide them with the information they need and connect with them in person.”
The Adele is designed by acclaimed architect Jane Nelson and renowned interior designer Michael Hampton featuring luxury kitchens and bathrooms and rooftop terraces outfitted with an outdoor kitchen, dining room and fire pit as well as hotel-like services. The Memphis is an 18-unit development featuring a range of luxury amenities in the heart of one of the city’s most dynamic neighborhoods.
As a result of its acquisition by The Long and Foster Companies, Urban Pace is now able to leverage Long and Foster’s international reach to showcase its developments on Juwai.com, China’s largest international real estate listing service. It also has access to more than 11,000 agents nationwide in the U.S.
About Urban Pace
Urban Pace, now a part of The Long & Foster Companies, provides marketing, sales, leasing and advisory services to real estate developers. Founded in 2001, Urban Pace has worked on more than 5 million square feet of property and over 5,000 units. 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)
About The Long & Foster® Companies
The Long & Foster Companies is the parent company of the No. 1 privately owned residential real estate company in the United States, Long & Foster Real Estate, and is the leading provider of homeownership services in the Mid-Atlantic and Northeast region. In addition to its real estate arm, The Long & Foster Companies consist of Prosperity Home Mortgage, LLC, Long & Foster Insurance and Long & Foster Settlement Services. Long & Foster Real Estate sold more than $31.4 billion worth of homes and helped people buy and sell homes nearly 90,000 times in 2015. The Long & Foster Companies’ 2015 combined sales for the year were in excess of $56.8 billion. Visit www.LongandFoster.com for more information.