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75-Unit Multifamily Project Joins Crowded Capitol Riverfront Pipeline


More residential development is coming to Capitol Riverfront, this time on the southern tip of Barracks Row

After buying the site at 816-820 Potomac Ave SE, The Murillo Malnati Group is planning to build a 75-unit apartment building with retail. UrbanTurf first reported on the project.

The development will be built in three phases, with the 19-unit Phase 1 breaking ground in March and delivering a year later, the 49-unit Phase 2 beginning in summer 2018 and delivering by the end of 2019, followed by the seven- to 10-unit Phase 3.

The site consists of a parking lot and a vacant building, which Novo Development had previously planned to redevelop, but was included as part of the sale to MMG. 

MMG bought the property last week for $7.15M, managing member Julio Murillo told Bisnow, and it expects the project to cost around $27M to build. 

The project joins a packed Capitol Riverfront development pipeline, which leads the District with six projects totaling 1,843 units slated to deliver just in 2017. Murillo said the buildings will have a different target market than many of the amenity-rich buildings going up in the area.

"We’re not going after the same market," Murillo said. "We think there’s a niche in the space between Class-A and B and slightly discounted from what you pay at amenity-rich locations. I think there’s a market for that."