A 13-unit apartment building in Columbia Heights recently sold for $3.25 million, or approximately $250,000 per unit. Marcus & Millichap, a commercial real estate investment services firm, announced the sale of the property that has been owned by Ray Mahmood since 2008. Recently, the property went under substantial remodeling.
The property, located at 1111 Lamont Street NW, is on a strip typically known for its lively retail and restaurants. Only a few blocks away is Bad Saint, a Filipino restaurant that Bon Appétit named the second best restaurant in America.
The developer who purchased the property was 11th Property Group, and according to a press release the developer hopes to grow its stable cash-flowing portfolio. UPDATE: 11th Property Group plans on doing some upgrades to the units, but there will be no major changes to the prices of the units. The current tenants will remain.