WASHINGTON, DC—An apartment building at 2900 Connecticut Ave., has traded for $70 million or $522,388 per unit. The buyer of the building, South Cathedral Mansions, is a JV between a recently formed group called Commonwealth Cooperative and CAS Riegler. The new owners plan to start an extensive two-year renovation of the building in November that will maintain its historic architectural elements, while adding 29 units and some green features.
The owners acquired the building working with the existing tenants via TOPA (Tenant Opportunity to Purchase Act).
"Upon completion of these extensive renovations, South Cathedral Mansions will compete with Class A properties along Connecticut Avenue and in other sought-after neighborhoods of Washington," says Kevin Riegler, principal of CAS Riegler, in a prepared statement. "We have an in-depth understanding of the way these buildings were built, how to preserve them, and how to ensure that they last into future generations."
William Calomiris Co was the seller and HFF brokered the transaction. Property management will be provided by Oculus Realty and construction services will be offered by Snead Construction.
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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.
