A 353-unit apartment building that helped reshape Brookland’s Reed Street corridor has changed hands, with a California-based housing company buying the property for $84.5 million. The deal puts one of the neighborhood’s newer apartment communities under an apparent first-time District owner.
Trinity Property Consultants acquired Rowan at 2607 Reed St. NE from a subsidiary of Trammell Crow Co., according to the Washington Business Journal. The Irvine-based firm’s purchase works out to roughly $239,000 per apartment, and the Business Journal reported that Rowan appears to be Trinity’s first property in Washington, D.C.
Rowan Delivered 353 Apartments Near Rhode Island Avenue Metro
Rowan is a 10-story, 105-foot Class A apartment building completed in 2021, with 353 units and partially below-grade parking, according to project details from High Street Residential. The community sits about one block from the Rhode Island Avenue Metro station, making its transit access a major part of the property’s investment pitch.
The building was developed by High Street Residential, Trammell Crow’s multifamily arm, and marketed as a modern rental community in one of Northeast Washington’s fastest-changing areas. Project information from builder CBG Building Company describes Rowan as including 27 affordable apartments alongside its market-rate homes.
A Larger Brookland Transformation Continues
Rowan is one piece of a broader residential buildout along Rhode Island Avenue and around Brookland. The Washington, D.C. Economic Partnership says Rowan delivered 353 units in 2021, while nearby projects such as Rialto, Bryant Street and the planned redevelopment of Brookland Manor have added or could add hundreds more homes to the corridor.
The property’s backstory also reflects the neighborhood’s long-running debate over density. When construction began, Bisnow reported that some nearby residents objected to the project’s height and potential effects on traffic, parking and neighborhood character, while other residents argued Brookland needed more housing.
Now the debate has moved from what could be built on the former used-car site to who will own and operate one of the finished buildings. Trinity’s acquisition adds a new California-based player to Washington’s apartment market while leaving Rowan as a sizable marker of Brookland’s continuing transition.
