MRP Realty, Kruger Real Estate, and May Riegler partner with Placemakr to launch new asset class with Coda on Half – PR Newswire
First truly flexible property blends traditional concepts of residential apartments and luxury hotel into one new experience in D.C.
WASHINGTON, July 7, 2022 /PRNewswire/ — MRP Realty, Kruger Real Estate, and May Riegler announced today the start of leasing at Coda on Half, a Placemakr Experience and a newly delivered boutique-style apartment building in the Capitol Riverfront neighborhood of Washington, D.C.
Coda on Half has partnered with Placemakr (formerly WhyHotel), a tech-enabled hospitality platform and operator, to create the first purpose-built product designed to blend both residential and hospitality use in Washington, DC. The new property will provide guests and residents with both apartment amenities and hotel services. Located at 41 L Street SE, just two blocks from both Nationals Park and Capitol Hill, furnished stays are available to book for flexible-length stays this month.
“It’s incredibly exciting to be delivering our first purpose-built, flexible Hospitality Living building down the street from where Bao and I launched Placemakr five years ago. Since then, we have managed over $1B+ of property and now have the honor of partnering with innovative, local organizations like MRP, Kruger, and May Riegler,” said Jason Fudin, CEO and Co-founder of Placemakr. “This match has led to a project we are all proud to offer to residents and guests alike right in our backyard.”
Coda on Half is the third installment of the Coda brand –following Coda at Bryant Street, delivered in 2021, and Coda on H Street, delivered in 2018 –and the first to mix the hotel and residential concepts completely. Located at 41 L Street SE, Coda on Half is an 11-story, 128,000-square-foot apartment community designed by SK&I and featuring 161 apartment units and 4,646 square feet of retail.
“Our goal for Coda is to redefine the concept of a boutique apartment community by coupling innovative design with unparalleled services and a distinct rental offering,” says MRP Principal, John Begert. “Together we are setting a new industry standard for the urban residential living experience, offering residents the very best quality of life in the very best homes.”
Located squarely in DC’s Capitol Riverfront, guests and residents will have immediate access to the city’s most alluring spots within the Navy Yard neighborhood, plus a host of onsite amenities including a penthouse lounge & rooftop terrace, modern commercial-grade fitness center, shared workspace, bike storage and repair shop, and onsite management and maintenance. Units in Coda on Half will be available for traditional leasing in addition to short- and long-term stays and will provide guests the option to choose a la carte packages when it comes to furnishing the units themselves or having furniture provided for them.
In addition to the luxury amenities available, guests will have access to a wide range of hospitality-inspired services such as pet grooming and walking, curated events, dry cleaning, 24-hour emergency maintenance, an online rent payment portal, package acceptance, housekeeping, personal training referrals, electric-car charging stations, onsite auto detailing, linen and towel service, and more.
“Our executive teams at Kruger, MRP, and May Riegler are really excited about the stunning features of Coda on Half, and especially the higher level of hospitality guests and residents can expect through our partnership with Placemakr,” said Ryan Crane, VP at Kruger Real Estate. “Beyond being excellent operators and partners, Placemakr is truly changing the hospitality and living industry. Their innovative approach to hospitality is at the forefront of how we anticipate the whole industry to lean into.”
For more information on leasing, amenities, features, and availabilities at Coda on Half, please visit codaonhalf.com
About MRP Realty
Founded in 2005, MRP is a real estate operating company focused on opportunistic and value-add investment headquartered in Washington, DC. Since the firm’s inception, MRP has been among the most active local investors in office, multifamily and land investment, deploying a total capitalization of $7.8 billion. MRP provides to its institutional capital partners a full array of real estate services, including acquisition/disposition, development/construction management, property management and asset management services, and financial reporting services. MRP focuses on strategic investment opportunities in both high-barrier-to-entry submarkets and high-growth submarkets. www.mrprealty.com
Placemakr is a flexible hospitality living platform, property manager, and real estate investor. Its tech-enabled operating platform allows the company to blur the line between hospitality and home, delivering the best experiences of both in a single building. Its curated spaces in hand-picked neighborhoods allow its guests and residents the flexibility to stay for a night, a year, or anywhere in-between. Placemakr has managed $1B+ of properties since its founding in 2017. placemakr.com
Kruger Real Estate, a private investment vehicle of the Kruger family, is focused on the acquisition and development of exceptional real estate properties. Kruger partners with established real estate developers in various markets to build a portfolio of new and existing commercial and residential properties in Canada and the U.S. A privately held family company, Kruger Inc. has 5,500 employees and its facilities are located in Québec, Ontario, British Columbia, and Newfoundland and Labrador, as well as in the States of Tennessee, Maine, New York, Virginia, Kentucky and Rhode Island. www.kruger.com
About May Riegler
Founded in 2009, May Riegler is a Washington, DC based real estate developer and investor focused on compelling real estate opportunities in the mid-Atlantic region and Colorado. With an uncompromising commitment to creating value, May Riegler maximizes returns for its partners and investors through consistent and experienced focus on creativity, quality, and oversight. May Riegler is active in residential, industrial, hospitality and mixed-use developments in multiple jurisdictions. www.mayriegler.com
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