WASHINGTON, DC-An abandoned apartment building in the ColumbiaHeights neighborhood is about to be turned into condos that thedevelopers hope will eventually sell between $300,000 and $460,000.The property, at 1020 Monroe St., has a storied past, having beenin legal limbo for several years after its owner was convicted offraud. Locally based Madison Investments just purchased thebuilding through a bankruptcy trustee sale and has already begunthe site work for development.

Marty Zupancic of Marcus & Millichap Real Estate InvestmentServices brokered the deal between Marc Albert of Stinson, Morrisonand Hecker, LLP--the Chapter 7 bankruptcy trustee--and Sia Madani,president and CEO of Madison Investments. Monument Bank providedacquisition and construction financing for the deal. The plan is torehab the building into condos, with retail on the ground floor,Zupancic tells GlobeSt.com. Madison says it will offer the condosranging from $305,000 for a one-bedroom on the ground level, to$460,000 for a two-bedroom and den on the top level.

Madison acquired the property for $3.2 million, financed througha $6.3-million acquisition and construction loan at a term of 24months, with a six-month extension. The underwriter appraised thebuilding’s value at $11.9 million when built out.