Turio Residential Enters D.C. Market with $16M All-Cash NoMa Purchase

Turio Residential Co. enters the Washington, D.C. market with a $16M cash purchase in NoMa, converting an extended-stay hotel into a 67-unit apartment building.

By: AXL Media

Published: Mar 21, 2026, 6:56 AM EDT

Source: Bisnow

Strategic Conversion in a Shifting Hospitality Landscape

The acquisition of the former "Reside NoMa" property represents a targeted strategy to capitalize on the waning "master-lease" model that once dominated the short-term stay sector. Turio Residential Founder Gianne Parente noted that many short-term operators have struggled recently, creating a vacuum that allows investors to reposition these assets for traditional residential use. By purchasing the 2023-delivered building in cash, Turio avoids the immediate pressures of the current debt market while planning a rebranding to "NoMa 1324." The firm anticipates an 18-month lease-up period to reach full occupancy as a standard apartment complex.

Navigating Foreclosure and Market Valuations

The property’s path to sale was marked by financial turbulence under its previous owners, a limited liability company managed by MMg Development’s Julio Murillo and Donald Malnati. In late 2025, the building was scheduled for a foreclosure auction by Sandy Spring Bank due to an outstanding debt of $20.4 million. Although that auction did not proceed, the eventual $16 million sale price suggests a significant haircut from the previous debt load. Parente indicated that D.C. currently offers superior value compared to secondary markets, citing favorable supply-demand dynamics and cap rates that justify institutional investment in the mid-Atlantic region.

Alexandria Sees Major Office-to-Residential Milestones

The D.C. region's broader residential pipeline saw significant activity this week beyond the NoMa deal. American Real Estate Partners celebrated the opening of "CityHouse Old Town" in Alexandria, a 199-unit conversion of a 1980s-era office building. The project, which is already 40% leased, demonstrates the continuing viability of office-to-residential adaptations in high-demand corridors. Simultaneously, a joint venture between Foulger Pratt, Howard Hughes Communities, and Silverstein Properties broke ground on "Aspect," a 390-unit apartment building within the 52-acre WestEnd redevelopment of the former Landmark Mall, backed by a $180 million financing package.