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Washington, DC–Madison Investments has secured a contract to sell its luxury apartment building, Elysium Fourteen, to Snell Properties for $43M.
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The buildout of Elysium Fourteen involved the restoration and renovation of two historic buildings, which were joined to create a newly constructed nine-story LEED certified apartment building with retail on the ground floor. Lululemon and Orange Theory Fitness are among the retail tenants.
Founded by Sia and Barry Madani, Madison Investments is a family-owned and operated real estate development company that focuses on the renovation and development of residential and mixed-use properties with an emphasis on luxury design.
A real estate development and asset management firm, Snell Properties' portfolio includes multi-family apartment units and commercial office space in Northern Virginia. This will be the company's first luxury apartment building in Washington, DC.
CBRE's Robert Meehling and Yalda Ghamarian managed the 56-unit property sale.
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