FCP to Build Condos in Adams Morgan

WASHINGTON, DC-Federal Capital Partners has acquired a development site in Adams Morgan with plans of building approximately 40 condominiums. It will partner with locally-based Altus Realty Partners for the project. Once they deliver, "we expect the units to sell for between $300,000 to $500,000 per unit," FCP managing partner Lacy Rice tells GlobeSt.com.

The fully-entitled development site, located at 2337 Champlain St., NW, sold for approximately $3.5 million, he adds. Rice declined to discuss development costs for the project. Andrew McAllister, Bruce Levin and Andrew Stegmaier of MAC Realty Advisors and Scott Frankel of CB Richard Ellis assisted with the transaction.

Construction will begin in early 2012. The quality and style of the condos will be similar to nearby buildings, Rice said, such as the 59-unit Lofts at Adams Morgan, 68-unit Adams Row and the 8-unit Erie. In general, demand for condos are slowly returning to the District after a drought of close to three years - but largely in high demand neighborhoods like Adams Morgan and the U Street Corridor.

The area is also benefiting from the work the city government is doing on nearby 18th Street. "It is making the sidewalks wider, parking more accessible, just generally upgrading the 18th Street retail experience" Rice says. "And if it is good for U Street and 18th Street, then it is good for us."