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Bernstein Management Buys Kalorama Park for $13M

WASHINGTON, DC—Kalorama Park is trading for about $1 million per apartment unit, give or take, according to a source.

By Erika Morphy | erikamorphy | | Updated on April 20, 2016
Kalorama Park Kalorama Park
WASHINGTON, DC—A Bernstein Management investment entity, Columbia Realty Venture, has acquired Kalorama Park, a 22,000-square foot mixed-use building located at 1840 Columbia Rd., NW, in Adams Morgan that has 12 apartment units, about 3,350 per square foot of retail space and 5,200 per square feet of office space. The company announced the deal earlier this month but didn’t include the deal’s pricing. A source says that it is trading for $12.8 million, which translates into slightly more than $1 million per unit, give or take, given that one of the units is commercial use. A request for comment from GlobeSt.com was not returned in time for publication. It has been at least a year since Bernstein Management made an apartment acquisition in the city’s core – it has, or rather its investment affiliates have, made other acquisitions in the area more recently such as the office building at 1555 King St. in Old Town Alexandria, VA. Last summer, Bernstein made a high-water mark acquisition of Sky House East, a 266 unit residential high-rise community, from JBG and Urban Atlantic. It paid $91 million for the apartment, or $342,105 per unit.  It rebranded it Leo at Waterfront Station to complement the then-new name it had given the sister building Lex at Waterfront Station, or the former Sky House West, which Bernstein Management purchased that January. Other apartment acquisitions it has made over the years include the 37-unit Legation House, which traded for $7.2 million in 2014 and the 68-unit Palisades, which traded for $5.5 million in 2012.

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