WASHINGTON, DC—Akridge has signed a letter of intent to buy the YMCA at 1711 Rhode Island Ave., NW, a spokesperson for the association tells GlobeSt.com.
Last week, the Board of Directors of the YMCA of Metropolitan Washington announced it had approved the decision to enter into a purchase agreement for the YMCA National Capital facility.
"This was not an easy decision, but as a nonprofit organization with limited resources, the YMCA must continually evaluate community needs against available resources to strike the right balance in fulfilling our mission," said Keith Smith, chair of the Board of Directors for the YMCA of Metropolitan Washington, in a prepared statement.
A call to Akridge was not immediately returned.
Currently the sales process is in the due diligence stage, the spokesperson said, who was unclear about the final plans Akridge might have for the property. One proposal it had considered was gutting the facility and turning it into an office building.
The spokesperson would not disclose the sales price.
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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.
