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Patterson Mansion: Sold!

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The Mike Balaban/Frank Saul-led multifamily venture SB Urban has officially closed on the historic Patterson Mansion on Dupont Circle. The firm paid the Washington Club $20M for the over 110-year-old property, which it plans to convert to microunits. SB Urban is converting another historic property into microunits—the former Latham hotel on M Street in Georgetown. TTR Sotheby's brokered the deal.