Goldman Sachs Sells Adams Morgan Apartment Building For $22M
A 90-year-old apartment building in D.C.'s Adams Morgan neighborhood has just traded hands.
An affiliate of Goldman Sachs sold the 62-unit apartment building at 1921 Kalorama Road NW to Greenville, South Carolina-based Pacolet Milliken Enterprises for $21.8M, a deed posted Friday to the D.C. Recorder of Deeds shows.
The deal pencils out to roughly $350K/unit. Goldman Sachs acquired the building in June 2014 from Urban Investment Partners for $19.8M, property records show.
The six-story building was constructed in 1929 and UIP completed a $5M renovation on the property in 2009. UIP's renovation added three new units and upgraded the building's lobby, in-unit hardwood floors, marble tile and windows.
The building at the corner of Kalorama Road and 20th Street NW sits one block from Kalorama Park and two blocks west of 18th Street, Adams Morgan's main commercial corridor with a host of bars and restaurants.
Pacolet Milliken Enterprises last year partnered with UIP on the $43M acquisition of an apartment building in Northwest D.C.'s Cathedral Heights neighborhood. In 2013, the South Carolina investor bought the office building at 1400 Wilson Blvd. in Rosslyn.