M id A tlantic Real Estate Journal — Owners, Developers & Managers — Multifamily Development — May 21 - June 17, 2021 — 11C Multifamily Development


Local affordable housing developer partners with nonprofit &plans 99-unit mixed-use project Feldman Ruel Urban Property Advisors facilitates the sale of 4618 14th Street NW, Wahington, DC


level. The development project will be branded as Dance Loft at 14th and will also include up to 16,000 s/f of ground-floor retail space. Feldman Ruel’s research of the property prior to its market - ing effort, including an opinion from highly regarded Wash - ington DC land-use attorney Kyrus Freeman , a partner with Holland & Knight , con - cluded that there was a high probability a planned unit development (PUD) could be approved for the site thereby yielding much more density for the buyer and resulting in a significantly higher price for

the seller. The selling entity, Raymar Corporation, preferred offers wherein the buyer would close on the transaction well before completing the PUD process, making the sale much more complex since a closing prior to obtaining the PUD passes the entitlement risk along to the buyer. The deal was further com - plicated by the configuration of the property, requiring the developer to partner with the adjacent landowner if they wanted the project to offer the type of frontage that typically helps to activate projects like these. MAREJ

ASHINGTON, DC — Feldman Ruel Urban Property

Advisors announced the sale of 4618 14th St. NW, a 25,153 s/f development site located directly across the street from WMATA’s planned redevel - opment of its Northern Bus Garage. Josh Feldman and Ian Ruel , managing principals at Feldman Ruel, had the listing to market the property on behalf of the seller, Raymar Corpora - tion which had controlled the property since 1964. Over the last five years Raymar Corpora - tion had retained the managing principals of Feldman Ruel to sell its entire portfolio including 218 Vine St. NE in the Takoma neighborhood of Washington, DC where the purchaser, Jair Lynch Real Estate Partners , just recently broke ground on what is slated to be a 129-unit residential project offering both affordable and senior housing units. The sale of 4618 14th St. NW represents the final prop - erty in the Raymar portfolio. While the property includes the majority of the block and is surrounded by public alleyways on the other three sides, it offers very little street frontage along 14th St. NW. 4618 14th St. NW was acquired by Heleos , a DC-based affordable hous - their properties apart from the crowd. While the utility savings are an obvious benefit, we find that high performance construction methods produce the most comfortable and quiet properties possible while creat - ing value. For the most part, our analysis has shown that any additional cost pays for itself in five to ten years (if not faster, when you take into ac - count available grants and tax credits).” “Aside from lower utilities and increased comfort, there is no easier way to help the environment than by living in a building designed to be highly sustainable,” adds Kamas. Whether or not you are build - ing from the ground up, it makes sense to use energy efficient design and materials. Not only does it save money in the long run, but your grand - children will thank you. Susan Ciaverelli is a freelance writer based in Baltimore, MD. MAREJ continued from page 10C Net Zero is a . . .

ing developer, in partnership with a local performing arts nonprofit, for $4.19 million. The new owner is in talks with The Menkiti Group , which owns the adjacent retail properties to the south, to collaborate on its planned multifamily devel - opment. The new owner plans to con - Dance Loft at 14th rendering

4618 14th St. NW

struct 99 multifamily units with 66 of those units set aside to house residents making up to 60% of the area’s median income and 20 three-bedroom units designed for families. The property is currently ten - anted by a local furniture store on the first level and a dance studio on the partial second

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