Bisnow Exclusive: DC's Next Hip Neighborhood?
Hill East? One area private equity firm has decided it's the perfect spot for the city's next hip apartment complex.
Goldstar Group SVP Eric May(snapped this morning with colleague Mike Hillman) tells us that last Thursday, his firm closed on a 10.5k SF site at 15th Street and Pennsylvania Ave SE for $2.8M, and that within the next six to nine months, ground will be broken on a 40-unit residential complex. Delivery is expected one year later, Eric says, and Goldstar plans to include a higher proportion of one-bedroom and studio units. The site is currently a vacant retail property last leased to a Domino's Pizza. Goldstar will tear it down to make way for the new building, he adds. Roy Hill of Avison Young represented the seller.
The prospects are bright for Hill East, according to Eric, thanks to Stanton Development and EastBanc's redevelopment of the neighborhood's Hine School(above) as well as Douglas Development's 1442 Pennsylvania Ave project. And its proximity to Capitol Hill itself was a big motivator for Goldstar. "It's one of the few distinct neighborhoods in DC."