Allegro To Be Auctioned
10 11 2009We hope it wasn’t all the hor’devours we ate at the Allegros lavish launch party last April. Even though close to 60% of the units are rented, it may not be enough for the buildings owner Metro Properties to pay the bills. The WBJ is reporting that the company was served a foreclosure notice in October from one of its lenders, and is now going to auction.
When this project was first started, this development (like so many others) was going to be condos, so the conversion to high end apartments was always a stop gap. There clearly is a ton of inventory of these so called high end apartment buildings that were meant to be condos, and area renters are benefiting from this with special lease deals and all sorts of other amenities like high-end appliances and gyms. The Allegro has a ton of these features, a great location, and an amazing courtyard… but that apparently wasn’t enough for many renters.
[Photo: Sean Robertson]
Can’t say i’m suprised considering there are units in this building that rent for over $4,000 a month! Who would pay that to not even live that close to a metro
[…] the dust settled from the furious bidding, Federal Capital Partners has walked away with the winning bid on the new Allegro Apartments in Columbia Heights. The building, which is currently 60% leased, couldn’t continue to operate because the debt […]