WASHINGTON, DC—An apartment building at 2900 ConnecticutAve., has traded for $70 million or$522,388 per unit. The buyer of the building,South Cathedral Mansions, is a JV between arecently formed group called CommonwealthCooperative and CAS Riegler. The newowners plan to start an extensive two-year renovation of thebuilding in November that will maintain its historic architecturalelements, while adding 29 units and some green features.
The owners acquired the building working with the existingtenants via TOPA (Tenant Opportunity to PurchaseAct).
"Upon completion of these extensive renovations, South CathedralMansions will compete with Class A properties along ConnecticutAvenue and in other sought-after neighborhoods of Washington," saysKevin Riegler, principal of CAS Riegler, in aprepared statement. "We have an in-depth understanding of the waythese buildings were built, how to preserve them, and how to ensurethat they last into future generations."
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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.
