WASHINGTON, DC—Maison à Dupont Apartments, anempty nine-unit apartment building in DupontCircle, went on the market precisely one week ago. It hassince received a slew of offers from various investors, withdifferent plans for the property, Marty Zupancic,associate director of Marcus & Millichap'sNational Multi Housing Group, tells GlobeSt.com.
"We are seeing a wide range of investor types from condoconversion specialists to investors that want to treat the propertyas a long term rental." One investor expressed interest in turningit into a single-family home, or rather mansion. Most of theseinvestors are high-net worth individuals seeking a reliable cashflow, Zupancic says, and have a long buy-and-hold orientation.
The apartment building is located at 1800 19th St., NW. Theowner, Pied-à-Terre Properties, is a locally-ownedfamily business that specializes temporary accommodations inWashington. It ran the complex as a short-term rental forcorporations.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
