Long Empty, The Dumont Is Now Filling Up Fast

July 8, 2010
5 Comments

After over a year of sitting completely empty and in financial limbo, The Dumont in Mount Vernon Triangle is finally filling up, and fast. The project — now called 425 Mass — has signed leases with 182 tenants in the first 90 days since opening its doors. The quick pace of lease-up surely comes as welcome news to nearby residents who will now see the population of their young neighborhood increase by the hundreds.

Recall the history. The two-tower, 559-unit development was planned as a condominium. As the real estate market slowed, however, the project couldn’t sell enough units. Eventually the lenders took possession of the property, and deposits were returned to all would-be buyers. The Washington Post wrote a scathing article about the property entitled A Towering Disappointment, and The Dumont became a local symbol of the bruised real estate market. Over the course of 2009 and into 2010, real estate watchers and Mount Vernon Triangle residents alike wondered about the fate of the building, which was sitting locked and empty while behind the scenes the bank and investors weighed their options.

Finally, in March, Equity Residential announced plans to acquire the property and rent the units as Class A apartments. Equity Residential is based in Chicago and is one the country’s largest institutional landlords.

The company rechristened the project 425 Mass, started signing leases for the first tower in April, and now has almost half of the building’s 370 units rented. If the current pace holds, the building will be full within another three months.

Equity will open the second tower next year, presumably waiting for the first tower to lease up.

Rents at 425 Mass start at $1,785 for a studio, $2,225 for a one-bedroom, and $3,700 for a two-bedroom. One month free rent is included with select units.

The property management has proactively embraced social media, a strategy that may well be helping it lease units. 425 Mass has an active Twitter stream where it occasionally announces and welcomes new residents, as well as a Facebook page with lots of photos of the property.

For more background on 425 Mass aka The Dumont, see our past coverage:

The Dumont Goes Smoke Free (April 2010)
The Dumont Goes Rental (March 2010)
Equity Residential to Buy The Dumont (March 2010)
Rumors About a Sale of The Dumont (September 2009)
Dumont Condo For Sale: $170 Million (April 2009)

5 Comments

Emil Ali said at 8:59 am on Friday July 9, 2010:
Thats a condo payment… save a down payment and walk next door to madrigal lofts (if they still have units)

Allison said at 10:34 am on Friday July 9, 2010:
I think if people would tour this place, and then soon after tour many other similar properties both in this neighborhood and others in DC, they would see that other places don’t really compare. The community amenities at 425 are a world above the other places I looked, and the units themselves are beautifully done. If you really take the time to crunch the numbers, including all fees, you, like me, may be surprised to see how comparatively affordable it is for the quality you get. They deserve their success.

Goodie Mob said at 4:07 pm on Friday July 9, 2010:
$2225 for one bedroom? Umm..that is the same as my mortgage payment for one bedroom 800 sq feet at the Velocity. I would say it is a good deal if it includes utilities and parking garage.

swester said at 7:40 pm on Friday July 9, 2010:
Another beautiful building that should be condo (now that the market is getting better). Paying nearly $2500 for a one-bedroom apartment is highway robbery (not to mention flushing your income down the toilet).

Jason said at 9:25 am on Saturday July 10, 2010:
I own a condo and did check out 425 Mass since I also rent out a couple of condos out in the immediate area. My reaction after I was shown some one bedrooms that were NOT all $2500+ dollars (more like $1250 in line with the area) and that they were very, very nice. I was glad to see what they have done. Some of the 2 bedrooms were pricey, but hey, the views of the Capitol were great and this is not a ‘post college dorm’. This building in the area won’t be for everyone. That’s what is great about DC there are all sorts and types of places to live. This town also has way too much junk on the rental market. The sort of renters that are clearly moving into Mt. Vernon Square well like this building a lot. And clearly they are already moving in…. So good for them and I welcome the new tenants! Good Luck to all moving in across the street!