The 35,000-square-foot building, which traded for $7.8 million,islocated at 2700 16th St., NW. Jayne Shister of CassidyTurleyrepresented the seller, Embassy Holdings 2008, LLC.

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2700 16th St. is a 1925 Renaissance-style, four-storybuilding ona 43,463-square-foot lot that was designated as a historiclandmarkin March 2006. It is located on a hill across from MeridianHillPark, a few blocks from Columbia Heights Metrorail station.

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Valor will need gain the necessary approvals for a historicpropertyredevelopment, but the company has plans to proceed withits buildingas soon as possible, Shister tells GlobeSt.com.

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Such deals--acquisition with an eye towards developingmultifamily--are becoming more common in the area, thanks to thehigh price points at which existing properties are trading, shesays. Indeed the market is robust enough that there are signs thatcondodevelopment may be making a reappearance. There is, forexample, Equity Residential's purchase lastmonth of a two-building multifamily property called theDumont. Equity Residential is considering developing the secondbuilding into condos.

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Also, David Webb of Cassidy Turley told GlobeSt.com in an earlierinterview that there is about $500 million worth of newcondodevelopment finance deals being worked on in his shop--bothdebt andequity--that will eventually translate into one millionsquare feetof building throughout the metro area. Much of theactivity wastriggered by multifamily prices that quicklystabilized--and thanbegan to rise last summer.

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