DC real estate development is, once again, in full swing, and the current market is ideal for experienced developers and sellers who’ve held onto properties for several years. Lenders and contractors are also eager to get back to work—and parties on all sides are making deals.
This spring and summer have been busy times for UrbanLand Company (ULC), a downtown-DC real estate brokerage actively operating in land/lot, residential and investment property sales.
ULC's 12-unit building in Southeast DC.
“We’ve put together some unique deals, for many of the city’s most interesting parcels of land, over the last several months,” Gerard DiRuggiero, Principal Broker of UrbanLand Company, said. “We’re feeling déjà vu—conjuring the 2005 market—and we have a lot of optimism for the remainder of 2012 and 2013.”
ULC’s recent land transactions and developments are a testament to the changing real estate landscape. Below is a little detail on what the firm has in the works:
435 R Street NW: 5,800 square feet of C2A land that recently settled for $1,150,000. ULC worked directly with the property seller, who ran a dry cleaning business there for 10 years. The site required a few hundred thousand dollars in remediation.
306 & 308 K Street NE: Two R4 lots and a large alley parcel. The same developer that owned this parcel also owned the (large) neighboring residential building. After researching the particulars of the land, the developer determined that—in the absence of a 30-foot alley—the rear portion of the parcel could not be used for residential purposes. The developer therefore completed a subdivision with two R4 lots on K Street and an alley lot, which they would dispose of in a tax-advantageous way. ULC found a developer to buy both R4 lots and the alley parcel.
1515 Rhode Island Avenue NE: 7,090 square feet of C2A land with an eight-unit shell. Before the purchase, ULC spent time researching development around Brookland and the Rhode Island Avenue Metro station.
215 Randolph Place NE: Six R4 lots in Eckington. ULC relisted this land after listing and selling it to one of its clients two years ago. ULC brought two of its developer clients to complete the purchase. One bought two lots, and the other bought four.
1418 Florida Avenue NW: A three-unit, occupied apartment building in the 14th Street Corridor.
Other ULC projects and land parcels awaiting development include a vacant 12-unit building in Southeast (see photo above) and an R4 lot in LeDroit Park. As the residential real estate market intensifies, UrbanLand Company continues to meet with developers and investors to determine how it can fulfill acquisitions needs.
This article originally published at http://dc.urbanturf.com/articles/blog/sponsored_urbanland_companys_recent_real_estate_transactions_exemplify_a_ma/5827
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