Senate Square Sold for $162M
The Washington Business Journal just reported that Senate Square, the 432-unit apartment complex on the 200 block of I Street NE, has sold for $162.3 million to LaSalle Investment Management.
Those following the saga of this project will remember that Senate Square went into receivership in late 2009 and was sold at auction in February 2010. Westbrook Partners bought the property at auction for around $121 million, so the firm made a tidy profit off the recent sale.
As Sarah Krouse of WBJ reports, Senate Square was just one of a few troubled projects for developer Broadway Capitol LLC:
Broadway had also planned to build 160 to 180 apartments on the Uptown Bakers site at 318 I St. NE and developed the Dumont Condominium at 401-425 Massachusetts Ave. NW. PB Capital Corp. foreclosed on the Dumont in 2008 and iStar Financial foreclosed on the Uptown Bakers property in July 2009.
It will be interesting to see what becomes of the two residential towers. If anyone has any intel, email us at editor2010@urbanturf.com.
This article originally published at https://dc.urbanturf.com/articles/blog/senate_square_sold_for_162m/2260.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- The Price For A House in The DC Area Hit A New High in April
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro