Equity Residential Acquires The Dumont
April 14, 2010 by jessebkaye
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.
Equity Residential Acquires The Dumont…
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 S…
Equity Residential Acquires The Dumont Favorite…
Equity Residential has recently acquired 425 Mass, formerly known as The Dumont, for $167 million. The luxury DC property is located in t……
Equity Residential Acquires The Dumont | Homes, Condos & Foreclosures for Sale in DC, MD, VA, PA & WV…
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 S…
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