255-Unit Apartment Project on 14th Street Almost Ready For Move-Ins

• October 19, 2012
• 12 Comments

by Shilpi Paul

Capitol View on 14th

UrbanTurf has learned that Capitol View on 14th, the nine-story, 255-unit apartment building at 2420 14th Street NW (map) will open for move-ins on November 7th.

Located a couple blocks north of Florida Avenue, the project, developed by UDR, is one of a slew of new residential developments opening up on the 14th Street Corridor. Rents average $2,811 a month, and units range in size from 580-square foot studios to 1,600-square foot two bedrooms with a den. Some of the units have lofts as well.

The project will have ground-floor retail, as well as two floors of underground parking, but the roof, with a pool, grilling kitchen and views of downtown, is being touted as one of the project’s main draws.

Capitol View on 14th started pre-leasing this summer, and 20 percent of the apartments have now been leased.

This article originally published at http://dc.urbanturf.com/articles/blog/255-unit_14th_street_apartment_ready_for_move-ins/6183

12 Comments

1. Lisa said at 3:18 pm on Friday October 19, 2012:

   Who would pay such an OBSCENE amount of rent when they can BUY?

1. Adam said at 3:37 pm on Friday October 19, 2012:

   Lisa - apparently 20% of 255 people would!  And all of the people in all of the fully occupied apartment buildings already in the neighborhood.

1. Jon said at 3:45 pm on Friday October 19, 2012:

   Lisa, a better question would be “why?”

1. Anonymous said at 4:13 pm on Friday October 19, 2012:

   On NPR yesterday evening, a report on the emerging microunit trend mentioned that studio apartments in San Francisco were renting for upwards of $2,000 a month.

   At this particular point in D.C., demand is far outstripping supply, pushing rents higher. As for condos, again robust demand is far outreaching available supply.

   The solution: build more! Only then will rents and housing prices moderate, as demand will eventually align more equally with supply.

1. renter said at 4:13 pm on Friday October 19, 2012:

   Because they don’tt have the downpayment to buy an overpriced condo in Dupont

1. jinny said at 6:04 pm on Friday October 19, 2012:

   Its not always the right decision to buy…in addition to a huge downpayment, there are the related closing costs (on both ends of buying and selling), which could add up to 50-80 grand, essentially money thrown down the drain. $2,800 for a 2 bedroom in a class A building, actually sounds like a good deal (if that is for a 1 bedroom, then I have some sticker shock, but it wouldn’t surprise me).

1. David Bediz said at 8:39 pm on Friday October 19, 2012:

   I’m with Lisa… albeit I’m a little biased as an agent. But remember the math: $2800 pays your mortgage on an FHA loan on a $570,000 condo, INCLUDING the mortgage insurance, with only $19,900 down (just over 7 months of that overpriced rent). But with that home purchase comes the pride and joy of ownership, a tax deduction of almost your entire mortgage payment for many years (equating to a credit of roughly $1200 a month, and an effective housing payment of about $1600 instead of $2800), and the “forced” piggybank of savings that will build equity over time. It’s a smart way to diversify your investment portfolio without spending a penny more every month. And yes, some people will lose money when they sell, especially if they sell after only a couple years. But some people make a lot of money too. If you were worried about losing money, would you put your money in a 401(k) or IRA? Call me if you want to talk numbers! 202 352 8456.

1. roots said at 9:09 pm on Sunday October 21, 2012:

   Ummm, maybe some people are only staying in D.C. for a few years? Believe it or not, some refer to D.C. as a transient city.

1. nottobeadebbiedownere said at 9:44 am on Monday October 22, 2012:

   but with fed cutbacks coming, and so much new housing coming to market, being nervous about buying seems reasonable for anyone not set to stay in place 10 years or more.  Of course “housing only goes up” so why worry?

1. Downer said at 9:45 am on Monday October 22, 2012:

   “Call me if you want to talk numbers! 202 352 8456. “

   the classiness of putting your ad in only gives more confidence in realtors and their arguments

1. downer said at 11:12 am on Monday October 22, 2012:

   “2800 pays your mortgage on an FHA loan on a $570,000 condo, “

   its also really great that you have found a condo building with no condo fees.  That impacts the arithmetic too.

   By any chance do you work for the Romney campaign?

1. JP said at 3:57 pm on Monday October 22, 2012:

   The rent isn’t really that bad when you consider there are a number of couples sharing these $2,200 one bedrooms and there is no reason to own a car in Logan Circle/U Street. 

   Keep in mind that these are Class A luxury buildings and very nice amenities and great locations.  Cockroach infested walk-ups in NYC and SF cost more than what the premium units in DC are going for. 

   Buying in DC is actually a no brainer at this point if you will be in the city for 5+ years.  Paying $2,000 per month to rent a 500 sq foot studio that would sell for $299k is a poor decision if you have a long-term time horizon.  The rent/buy ratio also favors owning 1 bedroom, but 2 bedrooms are still probably only a break even proposition at this point.

Join the discussion