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Madison Investments has bought a blighted apartment building in Columbia Heights for $3.2 million through a bankruptcy trustee sale.
The 36,000-square-foot vacant building at 1020 Monroe Street NW encountered a string of lawsuits and has been sitting in Chapter 7 bankruptcy for the past year.
The D.C.-based development company will renovate the 28-unit building under a condo conversion. The plan is to put retail on the ground floor and install a roof deck for residents.
Having construction financing already in place enabled the project to have a speedy start time: The deal closed on May 18 at 3 p.m. and demolition work started the next morning by 7 a.m.
Monument Bank provided acquisition and construction financing for the deal. Marty Zupancic of Marcus & Millichap Real Estate Investment Services brokered the deal.
The building has been sitting vacant since 2005.
The tenant’s association had partnered with Robert Hall and Hope 7, the affordable housing group he started, in the potential development project. The building traded in 2004 to his firm for $1 million, according to D.C. tax assessment records. Hall was later convicted of running a Ponzi scheme.
“Everyone’s been watching this project for five years,” said Zupancic. “Every developer that does business in the Columbia Heights area was watching this deal slide into bankruptcy. Most people were interested in it because of its previous history.”
The future condos should sell well due to the presence of the neighborhood retail corridor, he said.
“It has a great corner location on 11th Street. The condo supply is diminishing and there is massive demand [there]. Supply is selling out,” he said.
The site sits near a mix of hot spots, including a hip coffee shop, RedRocks and the incoming Meridian Pint bar.
The D.C. Department of Parks and Recreation has plans to revamp an existing park across from the incoming condos.
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.