Mid Atlantic Real Estate Journal — July 11 - 24, 2014 — 3A
www.marejournal.com
Real Estate Journal — July 11 - 24, 2014 — 3A
www.marejournal.com
M id A tlantic
$70 Million acquisition and redevelopment of 131-unit Connecticut Avenue Building NewDC Partnership acquires historic South Cathedral Mansions Apartments
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associations based on honesty, transparency, and flexibility,” said Brad Gilchrist , manag- ing principal of Commonwealth Residential. “The tenants who have chosen to continue renting here will benefit from a highly innovative profit-participation plan.” Beginning in November, the building will undergo an extensive two-year renovation to provide modern amenities while preserving and enhanc- ing its historic character. The project will provide all-new unit interiors, central HVAC, upgraded common areas, a state-of-the-art fitness center, unique community space with- in the original carriage house, and other improvements. By reconfiguring the apartment layouts and incorporating pre- viously unutilized attic space, Commonwealth Cooperative will add 29 new apartments, 17 of which will feature 20-30 foot
ceiling heights. “Upon completion of these extensive renovations, South Cathedral Mansions will com- pete with class A properties along Connecticut Avenue and in other sought-after neigh- borhoods of Washington,” said Kevin Riegler , principal of CAS Riegler. “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.” South Cathedral Mansions, located at 2900 Connecticut Avenue, NW, is included in both the National Register of Historic Places and the D.C. Inventory of Historic Sites. When originally developed by Wardman as part of a three- building complex totaling 492 apartments. The seller was represented by HFF in today’s sale to Com- monwealth Cooperative. n and management company, says that his firm may put some renovations into the fully leased building, whose tenants include Starbucks and UPS. “We are extremely pleased to have acquired 5185 MacAr- thur Blvd., NW,” he said. “This property is a diversified income transaction that had more at- tractive income characteristics than deals taking place further downtown.” Rock Creek’s sale of 5185 MacArthur Blvd., NW comes just two weeks after the firm and its joint venture partner, Cornerstone Development Group, paid $4.525 million for 646-654 H St., NE, a prime development site in the District of Columbia consisting of about 7,000 s/f of land and 8,000 s/f of commercial properties in five separate structures. Plans for 646-654 H St., NE are to develop a first-class, mixed-use, 30-plus-unit resi- dential condominium project with approximately 6,000 s/f of ground-floor retail space. n
ashington, DC — South Cathe - dral Mansions has
changed hands for only the fourth time since it was de- signed and developed in 1922 by the iconic team of Harry Wardman and Mihran Mes- robian. Located one block from the Woodley Park/Ad- ams Morgan Metro station and directly across from the National Zoo, the 131-apart- ment property was acquired by Commonwealth Coopera- tive , a recently formed group of Washington, DC multifamily industry veterans. While this is Commonwealth Cooperative’s first acquisition, the team members have ex- tensive experience in the city’s multifamily market, particular- ly in the acquisition and reno- vation of historic apartment buildings. The joint venture is led by Commonwealth Resi- dential and CAS Riegler , Washington, DC — RockCreekPropertyGroup announced that it has sold 5185 MacArthur Blvd., NW in DC to Lakritz Adler Real Es- tate Investments for $14.925 million or roughly $347 psf, in a transaction that closed on June 13, 2014. DC-based Rock Creek owned the three-story, 43,000 s/f office building with ground- floor retail near the District of Columbia-Maryland border for nine years, according to Gary Schlager, a partner with the commercial real estate invest- ment company. “We are very happy with the outcome and can say with con- fidence that the buyer acquired one of the best mixed-use assets in the Uptown submar- ket, and the best property in the Palisades,” he said. “We congratulate Lakritz Adler on making this purchase.” Josh Adler , a principal and managing partner with DC- based Lakritz Adler , a real es- tate investment, development
South Cathedral Mansions
with property management provided by Oculus Realty and construction services pro- vided by Snead Construc- tion . Commonwealth Coopera- tive’s collaborative approach with the tenants, via TOPA (Tenant Opportunity to Pur-
chase Act), coupled with their commitment to historic renova- tion, provided the framework for a partnership with the South Cathedral Mansions Tenant Association to rede- velop the property. “We are bringing a new ap- proach to working with tenants’
RockCreekPropertyGroup sells 43,000 s/f office building to Lakritz Adler Real Estate Investments for $14.925m
5185 MacArthur Blvd., NW
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