Newly Delivered Condo Building Near U Street Sells For $53M
After delivering a 96-unit residential building on 15th & V Streets NW last month, Bozzuto sold the building this week for $53M.
Bozzuto broke ground on the $42M project in late 2014 and just sold the 104k SF building to Boston-based Berkshire Communities, CEO Toby Bozzuto tells Bisnow.
The nine-story building, rendered above, with two levels of below-grade parking, has units ranging from studios to two-bedrooms. The building also has a rooftop deck, a ground-level patio, a community lounge and a meeting room.
Bozzuto built the project with the intent of selling it as condos, but Berkshire bought the building with plans to rent it out as apartments. And with the rents they're asking, we can understand why. According to Berkshire's website, studios will start at $2,125/month, one-bedrooms will cost between $2,458 and $3,410, and two-bedrooms could cost as much as $4,657/month. The interior of one of the units is rendered above.
WDG Architects designed the project, which delivered in August. HFF brokered the sale. Toby will speak at Bisnow's Multifamily Annual Conference on Oct. 20.
