WASHINGTON, DC—Federal Capital Partners and Insight Property Group has acquired the Buchanan school property on Capitol Hill with plans to redevelop it into a condo and townhome community.
The school, located at 1325 D St., SE, traded for $21 million from International Graduate University. FCP and Insight then sold the condo parcel of the three-phase project to the local developer Ditto Residential. All of this was preceded by a series of community meetings held throughout 2015 to outline the project to residents.
FCP and Insight have also completed the entitlement process and received Board of Zoning Adjustment approval in July of 2015 for the project.
The plans call for 41 row houses and 41 condos to be developed over three phases with construction slated to begin on both the row houses and condos this year. The community will be called Buchanan Park.
Doug Davidson of Citizens Bank secured the acquisition and pre-development financing. John Campanella of Cushman & Wakefield placed the debt for the project and Jayne Shister of DTZ represented the seller.
© 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.
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.
