WASHINGTON, D.C. (September 13, 2016) – MRP Realty, developers of commercial, residential and mixed-use real estate across the Mid-Atlantic region, and Kruger Real Estate, a diversified private investment firm, announced today that they have acquired three parcels at 315 H Street, NE in the H Street corridor for mixed-use development.
MRP and Kruger will develop a 93,992-square-foot, 112-unit residential apartment building with 6,000 square feet of ground floor retail set to deliver in the spring of 2018. The project’s location at 3rd and H Street NE represents one of the final, large scale development opportunities on the H Street corridor.
“The site’s proximity to Union Station, Union Market, NoMa and the destination retail developing on H Street, a historically significant corridor in Washington, make this an exciting long term invest- ment for the Kruger and MRP venture,” said Ryan Crane of Kruger.
“H Street is one of the most historic streets in Washington and over the course of the past decade our government and business leaders have returned it to its roots as an energized commercial and creative hub in the midst of an authentic urban neighborhood,” said John Begert, principal of MRP Realty. “We are thrilled to partner with Kruger on this long term investment.”
315 H Street benefits from its proximity to Union Station and Metro, and includes front door access to an H Street streetcar stop. Additionally, a resurgent visual and performing arts scene, bars, music venues, an array of independent retailers, as well as high end residences have reshaped the historic corridor.
About MRP Realty
Founded in 2005, MRP Realty is a real estate operating company focused on opportunistic and val- ue-add investment in the northeastern United States, with offices in Washington, D.C., Maryland, Virginia, Pennsylvania, and New York City. MRP provides to its institutional capital partners a full array of real estate services including: acquisition/disposition, development/construction man- agement, property management, asset management and financial reporting services. Since the company’s inception, MRP has deployed nearly $3.5 billion in total capitalization, with another $2+ billion of active residential, office, mixed-use, and industrial projects underway. MRP’s combined development assets total more than 16 million square feet, with an additional eight million under management.
About Kruger Real Estate
Kruger Real Estate is a private investment vehicle of the Kruger family, owners of Canadian-based Kruger Inc., a diversified company that owns and operates over 50 production sites and renewable energy power plants across North America. Kruger Real Estate is building a portfolio of multi- family properties, primarily in Washington DC, New York City and Boston, through joint ventures with first-class operators and developers. The Company is committed to developing flexible and creative deal structures to best suit each of its partners. As a long-term holder, Kruger Real Estate is looking to build long-standing relationships with operators in its various markets.
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