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)
This article originally published at https://dc.urbanturf.com/articles/blog/long_empty_the_dumont_is_now_filling_up_fast/2245.
Most Popular... This Week • Last 30 Days • Ever
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Eights month after a new proposal to redevelop part of the Takoma Metro station was p... read »
The new images provide a better sense of the big residential plans in the works for t... read »
As we approach the end of the year, UrbanTurf is taking a final look at the DC neighb... read »
On Tuesday, the Federal Housing Finance Agency announced an increase to mortgage loan... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
Plans for the New York-based eatery appear to be moving forward.... read »
The development for four parcels at The Yards from Brookfield Properties and the Menk... read »
The concept includes 14 lanes for bowling, a 1,200 person concert venue, a craft bar ... read »
The zip codes that are home to Brentwood, Takoma Park and sections of Hyattsville top... 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