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.

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The owners acquired the building working with the existingtenants via TOPA (Tenant Opportunity to PurchaseAct).

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"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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William Calomiris Co was the seller andHFF brokered the transaction. Property managementwill be provided by Oculus Realty and constructionservices will be offered by SneadConstruction.

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