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WASHINGTON, DC-Valor Development, based in Bethesda, MD, has acquiredthe former Italian Embassy in Adams Morgan with plans to redevelop thehistoric building into a multifamily property.

The 35,000-square-foot building, which traded for $7.8 million, islocated at 2700 16th St., NW. Jayne Shister of Cassidy Turleyrepresented the seller, Embassy Holdings 2008, LLC.

2700 16th St. is a 1925 Renaissance-style, four-storybuilding on a 43,463-square-foot lot that was designated as a historiclandmark in March 2006. It is located on a hill across from MeridianHill Park, a few blocks from Columbia Heights Metrorail station.

Valor will need gain the necessary approvals for a historic propertyredevelopment, but the company has plans to proceed with its buildingas soon as possible, Shister tells GlobeSt.com.

Such deals–acquisition with an eye towards developing multifamily–are becoming more common in the area, thanks to the high price points at which existing properties are trading, she says. Indeed the market is robust enough that there are signs that condodevelopment may be making a reappearance. There is, for example, Equity Residential’s purchase last month of a two-building multifamily property called the Dumont. Equity Residential is considering developing the second building into condos.

Also, David Webb of Cassidy Turley told GlobeSt.com in an earlier interview that there is about $500 million worth of new condodevelopment finance deals being worked on in his shop–both debt andequity–that will eventually translate into one million square feetof building throughout the metro area. Much of the activity wastriggered by multifamily prices that quickly stabilized–and thanbegan to rise last summer.

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