WASHINGTON, DC - Foulger-Pratt, based in Potomac, Md., has acquired 1425 New York Avenue, N.W. in Washington, D.C., and will convert and redevelop the office building into a Class-A multifamily residential property. With 13 stories and four underground levels of parking, the building is 287,000 GSF. After redevelopment, it will have approximately 255 rental units across 280,000 GSF.
The zoning for conversion to multifamily is by right. Designs are expected to be finalized and building permits.
Foulger-Pratt to Develop 343 Apartments in Bethesda with Construction Loan from Wells Fargo and Equity Sourced on CrowdStreet multifamilybiz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from multifamilybiz.com Daily Mail and Mail on Sunday newspapers.
Courtesy of ASB Real Estate Investments The office building at 64 New York Ave. NE.
A handful of big deals closed in April, several buildings have come onto the market, and experts believe that D.C.-area investment sales volume will increase significantly in the second half of this year.
The renewed activity in the capital markets comes as more employers are planning to bring employees back to the office this year, giving investors the confidence to place large bets on the office market s future. The bets that have been placed thus far have been on the safest assets those with long-term, stable tenants but experts see investors beginning to take a closer look at assets with vacancy or upcoming lease expirations that create more risk, but also more opportunity to add value.
Memorial for mum and daughter brutally murdered in their home unveiled in park A bench and special plaque are to be installed in Queen Elizabeth Gardens to honour the memory of Aneta and Nikoleta Zdun. The mum and daughter were brutally killed by their husband and father on the afternoon of June 1 last year in their home on Wessex Road. A JustGiving page, which raised £1,040, was set up by a neighbour, who witnessed the attack, to fund the memorial. Cameron Pratt, who lives opposite the home on Wessex Road, said: “I’d been a neighbour with them for about three years.