Dumont Condo For Sale: $170 Million

• April 27, 2009
• 5 Comments

by Mark Wellborn

The Dumont Condominiums, a 559-unit, two-building development between 4th and 5th Streets on Massachusetts Avenue (see map here), is up for sale. The current asking price is $170 million which works out to about $304,000 per unit.

Originally planned as condos, the project switched to apartments when the market went downhill, and now it looks like the developer is just trying to sell the whole thing. The complex consists of two buildings: a 189-unit building where the average unit size is 786 square feet and a 370-unit building where the average unit size is 908 square feet.

Like CityVista, its neighbor a few blocks north, the Dumont Condominiums caters to most of its would-be residents’ desires. Most of the units have a private balcony or terrace as well as a reserved parking space. All the condos have been pre-wired for internet and have a washer/dryer. There is a rooftop pool in each building, as well as a fitness center, a wi-fi lounge and a bicycle storage area.

The buildings have been finished and vacant for sometime, and although it seems like a good price for such a large project, we don’t know of a lot of people in this economy who currently have $170 million that they are willing to drop on an empty condo development.

This article originally published at http://dc.urbanturf.com/articles/blog/dumont_condo_for_sale_170_million/844

5 Comments

1. keith said at 3:18 pm on Monday April 27, 2009:

   The numbers may work out where it’s a good investment.

1. Wondering said at 8:24 am on Tuesday April 28, 2009:

   Why wouldn’t they just rent these units out? That is what they are doing at CityVista.

1. Dru said at 9:11 am on Tuesday April 28, 2009:

   CityVista isn’t renting any units other than those at The V which have always been apts - Madrigal on the other hand is renting upwards of 50 units that they can’t sell.

1. Paul said at 1:06 pm on Wednesday April 29, 2009:

   I live at Madrigal and consider myself very plugged into the conversations between our resident board member and the developer. I’ve conference called into several of the meetings between those two parties to observe. Frankly, I’ve seen nothing to support Dru’s speculation that our building has rented out upwards of 50 units.

1. Scott said at 10:20 am on Wednesday September 23, 2009:

   The Triangle is reporting that one of the Dumont buildings (425 Mass) has entered into a sales agreement.

   http://mvtriangle.blogspot.com/2009/09/latest-signs-of-progress-in.html?showComment=1253712512012

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