Arlington County Begins Construction Of The Pentagon City Park
April 22, 2010 by Zelle
The Pentagon City Park, a 46-acre Park which had long served as an industrial site including a brick factory and staging area for construction of the Pentagon, is expected to be replaced with a building next summer.
The Arlington County began its plan of replacing the industrial site in 2001. The plan calls for trails for pedestrians and bikers, fill-size grass fields, an esplanade with public event area, and a building which will house a 50-meter pool and exercise rooms.
The County describes the project as “a distinctive showplace of environmentally sound development featuring attractive public green spaces, high-quality outdoor recreation facilities and environmentally responsible structures.” A new walkway is included in the plan to accommodate “strolling, bicycling, train spotting, plane watching and small festivals” according to a county statement.
Arlington voters have already approved a $50-million construction budget back in 2004 but with the additional planned phases, the project is expected to cost about $90 million. The county will pick up the initial $28 million construction costs while Marymount University will provide a $2 million construction grant.
DCHFA’s DC Bond Is Back
April 22, 2010 by Zelle
DC Bond is again made available through the DC Housing Finance Agency. The program offers an affordable, fixed rate mortgages to both individuals and families seeking their first home in the District, which means that those who have owned a home in DC in the last three years are disqualified. The loan is also intended for those seeking primary residence.
Interest rate for borrowers is set at 5.25% with zero points and is only available as an FHA loan or a Veterans Administration loan though financing without these options are still being considered.
The new DC Bond, which will largely benefit low-income borrowers, requires all loans be purchased by Ginnie Mae. It also requires prospective borrowers to make less than $57,500 and less than $65,700 for couples. For a family of four, total household earnings must be less than $82,200 to qualify for the bond. Maximum amount of loan is fixed at $417,000. Furthermore, applicants must have a minimum FICO score of 620 to be qualified.
Columbia Heights’ Historic Row Homes To Be Sold As Condominiums
April 15, 2010 by Zelle
Urban Investment Partner, a subsidiary of Urban Investment Partners, starts to rehabilitate The Matheson, a large century-old row home at 1451 Harvard Street, NW in DC’s Columbia Heights neighborhood.
Renovations are expected to be completed by July and seven unique residential units will be sold as condominiums.
The Matheson will be completely renovated to accommodate sustainability and green design concepts. The building will feature new plumbing, electrical and HVAC systems. The condo units will also provide for new kitchens, baths, flooring, appliances and fixtures.
Equity Residential Acquires The Dumont
April 14, 2010 by Zelle
Equity Residential has recently acquired 425 Mass, formerly known as The Dumont, for $167 million.
The luxury DC property is located in the Mount Vernon Triangle area, just a few blocks away from the Capitol. Judiciary Square, the Federal Triangle. K Street and Union Station.
This two 14-story residential towers at 401 and 425 Massachusetts Ave. NW were developed by New York-based Broadway Management Co. but units have sat empty since its completion. The developer’s lender, New York-based PB Capitol Corp., filed a notice of foreclosure on the property back in 2008.
Completed in 2009, the property boasts of its high quality unit finishes and amenities.
” We are very pleased to add a brand new asset to our portfolio without construction risk and at a price well below replacement cost,” said David J. Neithercut, Equity Residential’s President and CEO. “This acquisition is a continuation of our strategy to acquire high-quality assets in core markets and is yet another example of the complex transactions that we are able to efficiently execute to create long term value for our shareholders.”
Equity residential owns and operates 51 properties which consists of 15, 976 DC apartments and 3 other properties made up of 1,062 DC units.
DC Apartment Rents On The Rise
April 7, 2010 by Zelle
Reports from research firm Reis, Inc. revealed the rise in apartment rents during first quarter. DC had the second highest rent increase over the past 12 months, second to Colorado Springs.
An article from the Wall Street Journal noted that the apartment vacancy rate at the national level stayed flat at 8%, the highest since the firm started its tally in 1980.
More from the Journal:
“We clearly hit an inflection point in all of our markets in January and February,” said Jeffrey Friedman, chief executive of Associated Estates Realty Corp., which owns and operates 12,000 units in the eastern U.S.
Renters are also staying put longer: the average renter now stays for 19 months, up from an average of 14 months, said Mr. Friedman, and despite low mortgage rates and greater home affordability, fewer renters are leaving to buy homes.
“This is the first time in many, many years that it feels like even people who could afford to buy are making the investment decision not to,” Mr. Friedman said.
