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Equity Residential to Buy The Dumont

  • March 23, 2010

by Mark Wellborn

Equity Residential to Buy The Dumont: Figure 1
The Dumont

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.

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This article originally published at http://dc.urbanturf.com/articles/blog/equity_residential_to_buy_the_dumont/1905

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