Horvath & Tremblay, a leading real estate firm, recently closed the sale of 3228 Hiatt Place NW in Northwest Washington, D.C. This multifamily property consists of 22 units and spans over 24,000 gross square feet in the popular Columbia Heights neighborhood.
The property was sold for $4.4 million at a rate of approximately $183.33 per gross square foot and $200,000 per unit. The transaction was facilitated by Dennis Cravedi and Christian Barreiro from Horvath & Tremblay’s Mid-Atlantic multifamily investment sales team who had exclusive rights to market the property on behalf of the seller. They also successfully secured a buyer for this deal.
Originally built as an apartment complex around 1910, this asset has not changed hands in almost four decades. It was sold completely vacant with significant renovations needed to bring it up to full occupancy after being unoccupied for over ten years.
Dennis Cravedi expressed his enthusiasm about seeing this building revitalized and adding more apartments to one of D.C.’s most densely populated neighborhoods: “It will be exciting to finally watch the revitalization of this asset and the much-needed additionof more apartment units.” He is Senior Vice President at H&T.
This news originally appeared on Connect CRE.
