WASHINGTON, DC—Locally-based Columbia Property Capital has acquired a four-unit vacant apartment building in the Glover Park, submarket for $1.85 million, or $462,500 per unit.
The property, which was built in 1939, is located at 4008 Edmunds St., NW. The Calomiris family is the seller.
Zoning in that area allows for a possible expansion of the building into an eight-unit apartment building, almost doubling the square footage from its current 3,300 square feet, explains Christian Barreiro with Marcus & Millichap, who along with Marty Zupancic represented the buyer.
Right now, the buyer is planning to convert the building into condos.
Columbia Property Capital has multiple investments in the Glover Park neighborhood including two luxury properties on Fulton Street, Cathedral Crest I and II.
This is the third Glover Park trade that Barreiro and Zupancic have brokered in the last year and the second in which Columbia Property Capital was the buyer.
Last year a private developer sold the next-door property, 4012 Edmunds St. NW, to Columbia Property Capital in November 2015, which Marcus & Millichap also brokered. In 2015 Barreiro and Zupancic facilitated the sale of 2621 39th St. NW, a two-story, 3,500-square-foot residential building built in 1940 to Madison Investments for $1.1 million or $275,000 per unit.
Madison Investment said at the time it was planning to convert it into a larger condominium.
WASHINGTON, DC—Locally-based Columbia Property Capital has acquired a four-unit vacant apartment building in the Glover Park, submarket for $1.85 million, or $462,500 per unit.
The property, which was built in 1939, is located at 4008 Edmunds St., NW. The Calomiris family is the seller.
Zoning in that area allows for a possible expansion of the building into an eight-unit apartment building, almost doubling the square footage from its current 3,300 square feet, explains Christian Barreiro with Marcus & Millichap, who along with Marty Zupancic represented the buyer.
Right now, the buyer is planning to convert the building into condos.
Columbia Property Capital has multiple investments in the Glover Park neighborhood including two luxury properties on Fulton Street, Cathedral Crest I and II.
This is the third Glover Park trade that Barreiro and Zupancic have brokered in the last year and the second in which Columbia Property Capital was the buyer.
Last year a private developer sold the next-door property, 4012 Edmunds St. NW, to Columbia Property Capital in November 2015, which Marcus & Millichap also brokered. In 2015 Barreiro and Zupancic facilitated the sale of 2621 39th St. NW, a two-story, 3,500-square-foot residential building built in 1940 to Madison Investments for $1.1 million or $275,000 per unit.
Madison Investment said at the time it was planning to convert it into a larger condominium.
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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.
