A year after its founding, Turio Residential Co. has made its first D.C.-area acquisition.
Philadelphia-based Turio Residential Co. paid $16M in cash for the 67-unit building at 1324 North Capitol St. NW in NoMa. The property had been operating as an extended-stay hotel since it delivered in 2023, but its new owner plans to lease it up as an apartment building.
“Washington specifically provides a really good value right now compared to some secondary markets, where we think the cap rates and the valuations are actually very similar to smaller markets with worse supply-demand dynamics,” [Turio founder and Managing Partner Gianne] Parente said.
At the event, hosted by the Office of the Deputy Mayor for Planning and Economic Development at Nationals Park, officials released the latest opportunities for real estate developers, construction firms and others to do business with the city.
“When most people hear March Madness, they think brackets, buzzer-beaters and fierce competition,” DMPED Director of Real Estate Latrena Owens said at the event. “But here at DMPED, March Madness means something a little different. It means bold ideas, big opportunities and a room full of people like you ready to help shape the future of Washington, D.C.”
Facebook’s parent company is scouting sites in D.C. for a new retail store, similar to one Meta Platforms Inc. plans to open next to the St. Regis Hotel in Manhattan.
The company has homed in on Georgetown, where it’s seeking between 3,000 square feet and 5,000 square feet, according to one source familiar with the search. Meta has retained a team from CBRE Group Inc., per three sources familiar with the situation who spoke on condition of anonymity.
DC’s Department of Transportation (DDOT) has launched a new study on autonomous vehicles, a step that could eventually open city streets to fully driverless taxis. The move comes as Waymo — the Alphabet-owned robotaxi company — has been testing vehicles across the city and lobbying aggressively to begin commercial operations here.
Under current DC law, autonomous vehicle (AV) companies can test their fleets in the city, but vehicles must still have a human driver behind the wheel. The new study is intended to chart a path toward changing that.
… D.C.-based company Rally Skin inked a multiyear partnership with the prestigious boarding school and training facility IMG Academy in Bradenton, Florida. Boarding and summer camp students will receive Rally products in their welcome kit and one of the school’s on-site stores will sell the products — Coburn’s first in-person retail presence.