WASHINGTON, DC—In a deal that points to the intense investment interest in residential real estate in the DC area and particularly in the Glover Park neighborhood, Madison Investments has purchased a boutique apartment property here, with plans to convert it into a larger condominium.
Madison Investments, which is developing several other residential projects in Capitol Hill and in the 14th Street NW corridor, acquired 2621 39th St. NW, a two-story, 3,500-square-foot residential building built in 1940. Madison intends to convert the current layout to four two-bedroom condo units and to add an additional floor above and below the two-story building. Marty Zupancic and Christian Barreiro, multifamily specialists with Marcus & Millichap's DC office listed the property. The property was sold by four separate owners to Madison Investments for $1.1 million or $275,000 per unit.
"The fact that we received double-digit offers after conducting dozens of tours is not only a testament to the current strength of the DC market, but also shows that investors are hungry to acquire assets in historically stable neighborhoods like Glover Park," Barreiro says.
A number of investors have completed or are in the midst of development or redevelopment ventures in Glover Park. Bernstein Management Corp. recently completed work on a new 81-unit residential development at 2251 Wisconsin. Local developer Lock 7 is converting a four-unit building at 3921 Fulton St. NW into eight new condominiums. Next door to the Evelyn, Columbia Property Capital is developing two, six-unit condominium projects at 3915 and 3919 Fulton St. NW, according to Marcus & Millichap.
Madison Investments' other projects in the DC area include the 49-unit Kiplinger House condominium project in Capitol Hill that will be completed next year and Elysium Fourteen, a restoration of two historic buildings in the 14th St. NW corridor. The project to be delivered this fall will feature 56 apartment units and retail space.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.