Originally constructed as a 559-unit condominium, the propertyconsists of two separate buildings of 370 units and 189 units for atotal of 484,000 square feet. The sale also includes 2,900 squarefeet of retail space at the corner of Fourth and Massachusetts Avenue NW. A condominium sales process started in 2006 and was terminated before any units had sold. The Dumont is completely vacant and ready for immediate occupancy.
Ideal Realty Group's Allen Manesh, Dean Sigmon and Craig London helped broker the deal on behalf of Equity Residential. The deal isillustrative not only of the premium price that District-basedmultifamily properties are fetching--even in bankruptcy--but alsothe comeback of the condo market, to a certain degree, Sigmon tellsGlobeSt.com. Equity Residential hasn't yet decided whether it willconvert the second building to condos or leave it as a multifamilybuilding, he says. That the company is even considering it shows howquickly demand--and the realization that supply will be all but gonein a few years--has returned.
Either way, the deal also iterates Equity Residential's view of theDistrict's multifamily market. In February, it closed on a high-riseapartment building for $85 million. In October 2009, it acquired Metropolitan at Pentagon Row, a 326-unit luxury apartment high-rise that traded for $100 million.
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