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JBG Smith buys Washington, DC, apartment property for $159M

JBG Smith Properties purchased the 325-unit F1rst Residences apartment building at 1263 First St. SE in Washington, D.C., from a joint venture between Grosvenor Americas and McCaffery Interests for $158.7 million, the Washington Business Journal reported.

The transaction, which was recorded with the D.C. Recorder of Deeds, is the first part of the company's like-kind exchange for the site it plans to sell to Inc. for part of the online retail giant's second headquarters, or HQ2, in Arlington County, Va., according to the report.

JBG Smith and Amazon are looking to break ground on HQ2's first building sometime in 2020, the report noted. The 22-story towers are expected to be completed in the first quarter of 2023, according to the report.

The publication could not get a comment from JBG Smith.