The new Convention Center is two blocks to the northwest of theparcel, which is in the East End of the District, and the MCICenter is two blocks to the southwest. Several new luxurymultifamily housing developments are in the planning andconstruction stages in the immediate area.

"DRI Partners and CG Investments came to us just one week beforethis land acquisition had to close," says Adam Bernstein, presidentof the Bernstein Cos. "Due to the entrepreneurial flexibility ofour Consortium Capital equity fund, we were able to complete duediligence within the remaining week, and close the deal on thedeadline date."

Now that the property has changed hands, the investors have todecide how to develop the land. The property offers frontage onMassachusetts Avenue and proximity to the historic Penn Quarter andMount Vernon Square.

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