The new Convention Center is two blocks to the northwest of the parcel, which is in the East End of the District, and the MCI Center is two blocks to the southwest. Several new luxury multifamily housing developments are in the planning and construction stages in the immediate area.

"DRI Partners and CG Investments came to us just one week before this land acquisition had to close," says Adam Bernstein, president of the Bernstein Cos. "Due to the entrepreneurial flexibility of our Consortium Capital equity fund, we were able to complete due diligence within the remaining week, and close the deal on the deadline date."

Now that the property has changed hands, the investors have to decide how to develop the land. The property offers frontage on Massachusetts Avenue and proximity to the historic Penn Quarter and Mount Vernon Square.