WASHINGTON, DC—More details have emerged about Goldstar Group's purchase of 3409 Wilson Blvd., in Rosslyn. Its partner in the acquisition is Bethesda, MD-based Finmarc Management and the purchase price for the property was $39.88 million. What we've known from the start, though, is that the purchase was made with an eye to condo conversion. Finmarc reports that it will invest $6 million to that end with sales expected to start in September 2014. McWilliams | Ballard will handle that end. Senior debt was provided by Wells Fargo and debt and equity was arranged by Metropolis Capital Finance.
Within the last few weeks a handful of condo projects have been announced, a relatively high number considering the area's mania for multifamily. Also, condos have not been financial viable projects in the District and surrounding area for years. That, though, appears to be changing, as the Finmarc-Goldstar acquisition suggests.
"Our team is acquiring this strategically-positioned asset below replacement cost and, based on our research, we detect an extremely strong demand for high-quality condominium units in the Northern Virginia region," says Marc F. Solomon, principal of Finmarc, in a prepared statement.
Another new project is Adams Morgan's Adamo, a new development underway by Perseus Realty. The 34-unit luxury condominium is located at 1827 Adams Mill Road and is expected to deliver in May, 2015 with Urban Pace handling the sales
PGN Architects, which specializes in boutique-style projects is designing The Adamo. The Adamo's one and two-bedroom residences will be priced from the $400,000's.
Another project announced this week PN Hoffman's purchase of a site located at The Yards. It will develop a condominium building of approximately 130 units on 10 floors -- the first for-sale residential product at the development.
Deborah Ratner Salzberg, president of Forest City Washington and owner and development of the mixed-use Yards, says the company has received many inquiries about a condominium component.
Other recent projects in the city and surrounding area include:
- Otis condominiums, a 27-unit project located off Georgia Avenue in the Columbia Heights neighborhood that is being marketed by Urban Pace.
- Community Three Development's newly-developed 22-unit condo building at 435 R St., NW. The project, called Centrie, is first new condo development of its size in this submarket for more than ten years.
- Valor Development and DBT Development Group's project at 1350 Maryland Ave., NE. Called The Maryland, it will feature 84 one-and two-bedroom units.
- Drummond Real Estate & Land Development's 16-unit luxury condo at 1443 Chapin St., NW. It has tapped UIP General Contracting for the project, which will deliver at the end of the year.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
