A full renovation of a luxury rental community in Northwest DC is nearing completion, just in time for the property to be placed up for sale.
The historic 165-unit South Cathedral Mansions near the Woodley Park Metro is being offered for sale by JV owners Commonwealth Residential and CAS Riegler. The partners acquired the property in 2014, and expect to spend a total of $70M, including acquisition, on the project, the Washington Business Journal reports.
CBRE has been retained to market South Cathedral Mansions, which is at 2900 Connecticut Ave NW. Renovations included a new community area and a new outdoor lounge with fire pit and grills, as well as the addition of about 29 residential units.
Residents on the lookout for market-rate units in South Cathedral Mansions are projected to have to pony up $2,550 a month for a 488 SF studio, while those seeking larger accommodations in a three-bedroom, three-bathroom unit could be on the hook for $6,500 per month. The property is not far from The Woodley, another high-end complex that hit the market after undergoing renovations, which sold to TIAA-CREF for a record-setting $195M in June 2014. [WBJ]
