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More residential development is on the boards for Logan Circle.
Madison Investments recently closed on 1101-1109 Q Street NW (map) where it plans to construct a 15-unit luxury condominium development, UrbanTurf has learned. The firm purchased the three-building parcel in early January for $3.5 million in a competitive bidding scenario with 24 other offers.
“The property ultimately sold 16.7 percent above list price in large part because we had so many written offers from all types of investors and developers, which is emblematic of the colossal demand in the neighborhood,” said Grant Fitzgerald of Marcus & Millichap, which represented the seller.
The new matter-of-right development will consist of 15 large two-bedroom, two-bath luxury units, Madison Investments Barry Madani tells UrbanTurf. The development, which will be marketed by McWilliams|Ballard and designed by ADG+G Architects, could start construction by this spring. The development plans will be presented to ANC 2F in the coming weeks.
The new development will be Madison Investments third project in the Logan Circle area. Elysium Fourteen, a 56-unit apartment project on 14th Street, started leasing last year, and Elysium Logan, a 32-unit luxury condo development on Rhode Island Avenue will start sales in the coming months.
Marcus & Millichap is the nation’s largest brokerage firm focused exclusively on investment sales. It is based on a simple premise: matching each property with the largest pool of pre-qualified investors. With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research, and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more about the company, please visit www.MarcusMillichap.com.