WASHINGTON, DC—Another day, another multifamily trade here in the District. The latest apartment building to poised to sell is said by a source to be Bozzuto Group's** The Swift, a 218-unit newly-developed building located at 3830 Georgia Ave. The property is selling for $75 million, or $344,037 per unit, our source tells us.
GlobeSt.com will update this story after it speaks with the Bozzuto Group.
The Swift is a mid-rise apartment building situated atop a 64,000-square foot Safeway. The retail component is not part of the sale.
With the Swift presumably off of its books, the developer, like others in the DC market, appears to be turning its attention to a related asset class: condos. Last month Bozzuto began site work on 96 condominiums at V and 15th streets NW, with an anticipated completion date of late 2015. The development is a joint venture between Bozzuto Homes and NVCommercial Real Estate Fund I.
The project is the second local condo development Bozzuto started this year following its new project at 460 New York Ave. in Mount Vernon Triangle.
**DP Residential, LLC an affiliate of Duball,LLC is the seller. Bozzuto Group is the general manager of the building. We regret the error.
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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.
