WRIT Snags the Kenmore
5 09 2008
We guess you get the same discounts when you buy apartments in bulk, that you get when you buy tubs of Spam at Costco.
According to the WBJ, the Washington Real Estate Investment Trust (WRIT) has managed to snap up The Kenmore in Northwest DC for a mear $155,000 per unit.
The building’s 374 apartments were just sold by Smith properties for $58.3 million. That’s practically fire-sale prices, especially considering the building is currently 96% occupied. We suspect this won’t be the last big deal for an apartment building in that area. [Photo: Sea T]
I guess mine is a ponder as opposed to a full blown comment. At $155,ooo a door, one would think that given residential rights of first refusal, the residents would have made a play for this property. Did the buyer actually go through the full filing requirements of TOPA with the Office of the Mayor? Did the residents waive their rights? What rights exist in the tenants IF the sale did not go through the entire, laborious process?
Does anyone on here have any idea as to how this took place?
Thanks
[…] few weeks ago when we mentioned that a developer managed to snap up the Kenmore in Northwest DC for a paltry $155,000 per unit, a few people questioned why the residents didn’t band […]