NCP partnered with Somerset Development Company and the Jonathan Rose Companies to invest in 1441 U Street, NW, Washington, D.C., now known as The Sonnet, with Trammell Crow Company, the project’s developer. The master planning and entitlements for this 288-unit market rate project, designed by Eric Colbert and Associates of Washington, D.C., were managed by Somerset, Rose and NCP, after which the parcel was marketed. The proceeds from the sale of the parcel to Trammell Crow provided both a market rate return to our investor and a substantial capital subsidy for the neighboring 96-unit Portner Flats affordable housing project, entitled under the same Planned Unit Development approval. The affordable units at Portner Flats and The Sonnet are complete and fully leased. Sonnet is scheduled to be complete the Fall of 2018. Financing for The Sonnet was provided by Deutsche Bank.
The Sonnet has ~15,000 square feet of street level retail space, 123 below-grade parking spaces, a roof-top pool with a swim-up bar and adjoining function room, an exercise room, business center, package room and other amenities to compete for today’s urban renters.