Feldman Ruel successfully closed the sale of a highly sought-after development site located at 1337-1339 Pennsylvania Avenue SE in Washington, D.C.’s Capitol Hill neighborhood. The property was sold for $2.95 million and is approved for a 20-unit multifamily project, making it an attractive investment opportunity with each unit priced at $147,500.
The seller of the property was Kehoe Construction, a local development group that had purchased the site in September 2022 with plans to build boutique condos. However, due to changing market conditions and their focus on other types of projects, they decided to sell the fully permitted project. The buyers were a partnership between a local developer and general contractor who were drawn to both the prime location and existing approvals for construction.
According to Feldman Ruel’s spokesperson Ruel,”Ground-up multifamily projects have been particularly challenging over the past year and half.” However,the current easing interest rates coupled with stabilization or even decrease in material costs has led developers like Kehoe Construction recognize that now is an ideal time break ground on new developments as they will deliver during an advantageous period compared similar inventory due recent slowdowns in development activity.”
This transaction marks another successful deal facilitated by Feldman Ruel within Washington D.C.’s competitive real estate market.
