Elysium Fourteen

Last week, TTR Sotheby’s International Realty announced the closing on a block of prime real estate at the northeast corner of 14th and Wallach Place NW (map) for a price of $7,700,000. The plan for the site is a 56-unit ground-up apartment building called Elysium Fourteen, the groundbreaking for which is July 1st 2014. The Elysium brand is part of a new line of luxury properties developed by Madison Investments.

The Madison team gained all approvals from BZA, HPRB and received unanimous support from all ANC 1B commissioners in late 2013. Michael Hines of TTR Sotheby’s International Realty represented both the seller and buyer in this transaction. The dual role typifies Hines’s approach to transactions that maximize out-sale value for landowners while placing developers in value-laden opportunities that align with their competitive strengths.

Elysium Fourteen

Michael Rankin, founder of TTR Sotheby’s International Realty said: “We are delighted that this transaction closed successfully and that both seller and buyer are satisfied with the work done by Mr. Hines and his team. We are constantly striving to be an integral part of the exciting growth of the U Street/Logan submarkets, as well as positively impacting the forward movement of The District becoming a beacon of smart, innovative residential development.”

The nine-story development will have ground-floor retail but no parking. Developer Madison Investments will restrict tenants from acquiring residential parking permits so that new residents do not add to the street-parking crush. They will also be providing tenants with credits towards car share, bike share and public transit.

The Sotheby’s International Realty network currently has more than 14,000 sales associates located in approximately 650 offices in 49 countries and territories worldwide. TTR Sotheby’s International Realty has been the exclusive affiliate for the Washington, DC metropolitan area since 2006. The firm currently has 250 agents with offices in Georgetown and Downtown (DC); McLean and Alexandria (VA); and Chevy Chase (MD). For more information, visit the firm’s website.