Thursday, May 22, 2014

WBJ | More Congress Heights activity: 23-unit complex sells to developer partnership for $1.5M

Yeah! The developers of my condominium are expanding to a new project in Congress Heights and I couldn't be happier! They are responsible, ethical, and competent developers and their projects are always quality.

I have been feeling as of late that if we want the economics of Congress Heights to improve it is going to come from the private industry.  I don't think we can really expect government to exclusively lead the progress. If I were to be honest with myself I sometime's wonder if government funded projects and initiatives in Ward 8 have done more harm than good. 

If we could introduce more concentrated income levels in the community I have no doubt that employers in the form of retailers would follow. Sometimes all it takes is a builder to allow progress to take root. 

Go HERE to read the full article. 

Excerpt:
Ernie Marcus and Robert Aramony of Building Partnerships LLC and Steven Sumberg of Rapid Funding LLC partnered to buy 1110-1112 Savannah St. SE, a 23-unit building located a five-minute walk away from the Congress Heights Metro Station and the St. Elizabeths east campus. 
“We were aware of the many changes that are happening around this area and we bought it at a good enough price that we thought we’d be in a good holding position to wait until the area improves further,”Marcus told me. 
Marty Zupancic of Marcus & Millichap arranged the sale, which amounts to $66,304 per unit. The building was constructed in 1940 and was converted to condos around 2007 or 2008. 
Only two of the 25 units sold before the property nosedived in the poor economy. So what the partnership purchased from a Chapter 7 bankruptcy trustee was the remaining 23 units, which they plan to rent first, and “then sell once we believe the area has made another turn,” Marcus said.

1 comment:

DaReslnt1 said...

this sounds awesome! trying to "see" where Savannah Street is in my head....lol