Allegro Goes for $77.5 M
19 11 2009Once 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 holder needed liquidity, thus forcing the auction this week.
Interestingly we heard that almost no one who is currently living in the building even knew a sale was taking place, but it shouldn’t have an effect on residents. We expect to see some major deals in the near future as the new owners try to get the building completely leased and profitable.
[Photo: Sean Robertson]
“Interestingly we heard that almost no one who is currently living in the building even new [sic] a sale was taking place”
There is an exception to the DC Tenant Opportunity to Purchase Act for foreclosure sales.
This is a nice looking property. I wonder how View 14 will fare?
http://www.princeofpetworth.com/2009/11/a-look-inside-view-14/