WASHINGTON, DC—Goldstar Group, a Bethesda, MD-based company, has acquired a partially-completed six-unit condo building that had been returned to the lender in a foreclosure auction in March 2012. Goldstar paid $3.6 million, or $600,000 per unit for the building, according to Marcus & Millichap's Nathan Pealer and Marty Zupancic, who marketed the property on behalf of the financial institution.
Pealer and Zupancic also secured and represented the buyer in the deal. Zupancic tells GlobeSt.com that Goldstar will finish the building as condos and then sell the units. "There was a lot of interest for this building," he says. "We ran about 30 to 40 tours and had 14 written offers." The units run about 2,500 plus square feet, which is rare for the District, he adds.
The project is located at 622 ½, 624, & 624 ½ 8th Street NE, close to Union Station and the Capitol. There is a total of approximately 15,000 square feet of rentable space across the three four-story buildings. The property is also close to Insight Property Group's Apollo mixed-use development, which will have Whole Foods as an anchor tenant.
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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.
