WASHINGTON, DC-An abandoned apartment building in the Columbia Heights neighborhood is about to be turned into condos that the developers hope will eventually sell between $300,000 and $460,000. The property, at 1020 Monroe St., has a storied past, having been in legal limbo for several years after its owner was convicted of fraud. Locally based Madison Investments just purchased the building through a bankruptcy trustee sale and has already begun the site work for development.
Marty Zupancic of Marcus & Millichap Real Estate Investment Services brokered the deal between Marc Albert of Stinson, Morrison and Hecker, LLP--the Chapter 7 bankruptcy trustee--and Sia Madani, president and CEO of Madison Investments. Monument Bank provided acquisition and construction financing for the deal. The plan is to rehab the building into condos, with retail on the ground floor, Zupancic tells GlobeSt.com. Madison says it will offer the condos ranging from $305,000 for a one-bedroom on the ground level, to $460,000 for a two-bedroom and den on the top level.
Madison acquired the property for $3.2 million, financed through a $6.3-million acquisition and construction loan at a term of 24 months, with a six-month extension. The underwriter appraised the building’s value at $11.9 million when built out.
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