Sources have told UrbanTurf that The Dumont in Mount Vernon Triangle will be sold in April to Equity Residential, a multi-family housing developer with more than 550 properties across the country. The sale price for the two-tower, 559-unit residential project at Fourth Street and Massachusetts Avenue is not known at this point, nor whether the building will be condos or apartments. However given Equity’s large portfolio of rentals, our bet is on apartments.
The Dumont has been on a wild ride over the last two years. Delivery of the project, which had been scheduled for 2008, was a widely reported fiasco, and ultimately all deposits were returned to would-be buyers and the project was pulled off the market.
In April, we reported that the development was up for sale, listed at $170 million, and just a few months later, rumors started to float around that the building had sold. However, the rumors proved to be just that, and in January, The Triangle blog reported that the three entities that developed The Dumont had filed pre-packaged bankruptcy cases in Delaware. Finally, last week the Chapter 11 restructuring initiated for the project in January went through.
We will continue to follow this story and update you as necessary.
- Dumont Condo For Sale: $170 Million
- Rumors About a Sale of The Dumont
- From Seedy to Sought-After: Mount Vernon Triangle Becoming Urban Village
This article originally published at http://dc.urbanturf.com/articles/blog/equity_residential_to_buy_the_dumont/1905
Most Popular... This Week • Last 30 Days • Ever
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
Just a month after setting a new high in March, the value of a house in DC skyrockete... read »
The National Capital Planning Commission will consider approval of the final master p... read »
The new five-level residential project is planned for the buildings at 1365-1375 H St... read »
On Monday, President Biden released the Housing Supply Action Plan.... read »
Our guide for amateur landlords who don't really know what they're doing.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The eight-bedroom, 35,000 square-foot home known as The Cliffs hit the market Wednesd... read »
Brookfield Properties is moving forward with development plans for additional sites i... read »
The most detailed rendering yet has been unveiled for the 310-unit redevelopment of t... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro