Donatelli Development Sells Petworth Apartment Building
A nine-year-old apartment building in Northwest D.C.'s Petworth neighborhood has traded hands.
Donatelli Development sold the 49-unit Griffin apartment building to an affiliate of Vienna-based Viking Capital for $19.1M, according to documents posted Thursday to the D.C. Recorder of Deeds.
Viking Capital, founded in 2015 by Vikram Raya and Ravi Gupta, focuses on investing in occupied multifamily properties between $5M and $50M. It has bought eight properties in Georgia and five in Texas, and this is its first acquisition in the D.C. Metro area. Gupta said he and Raya both live in the D.C. area and are looking to buy more in the region.
"We see Petworth as an emerging market," Gupta told Bisnow. "It's got incredible population growth, it's a place where there’s a lot going on, a lot of people are interested in moving there. We saw that as a good opportunity to purchase this building and expand our presence to the D.C. Metro area."
The Georgia Avenue corridor in Petworth and Park View has been one of the city's hottest areas in recent years. The corridor had 13 multifamily projects in the works as of August, and it welcomed 17 new bars and restaurants between January 2018 and last summer.
The Griffin building, developed in 2011, is one of at least three projects Donatelli has completed in the neighborhood. The developer in 2017 delivered a 32-unit building at 3825 Georgia Ave. NW. It sold that building in November for $9.3M, deed records show.
In 2009, Donatelli delivered the 155-unit Park Place project directly above the Georgia Avenue Metro station entrance. That project, a joint venture with Canyon-Johnson Urban Fund, sold in 2014 for $62M, deed records show.