Sunday, May 27, 2007

And Now For Something Completely Different ... Joule Now Extended-Stay Housing


Back in February, the Ed Peete Company announced that it was converting its nine-story, 87-unit Joule Condominium project at 3409 N. Wilson Boulevard (located between Clarendon and Ballston) into apartment rentals, despite the fact that 90 percent of the units had been sold and the project was just about finished (these contracts were cancelled). But now, in an interesting twist, it now appears this stylish building will become an extended-stay corporate housing location operated by PA-based Korman Communities Inc., which bought the property from Peete for $43 million and will manage it under its AKA subsidiary. One-bedroom units at the AKA-Arlington are leasing for $135 per day (two bedrooms for up to $215/day), with a minimum 30-day stay requirement – somewhat expensive, but given the high-end condo amenities featured in these units (including washer and dryer units), possibly worthwhile. As the market continues its upward climb again, we’ll watch to see the future fate of this and other projects.

16 comments:

Anonymous said...

They can do that with 90% sold? How unfortunate for those that expected to live there. Doesn't seem right somehow...

Nick on May 28, 2007, 8:47:00 AM said...

It is unusual to see that happen, given the number of presales, but economically it must have made the most sense for Peete, given the market. But most new construction contracts allow for such actions. It will be interesting to see how this affects other Peete projects like the Io and Zoso.

Ken on May 28, 2007, 12:11:00 PM said...

A number of projects have done this recently, which doesn't instill much confidence in the purchasing community. Most have been located in the suburbs, though a few people in DC have also been displaced, mostly because the building they were in just didn't sell much and the developer was forced to cancel.

In the suburbs, however, developers have cancelled projects that were much further into sales, it will be interesting to see how this plays out legally. Not every contract clause is respected by the courts, and some contracts have been held invalid for being too one-sided.

There is at least a bit of justification on the part of the developer - a number of these projects have been experiencing large walk-aways, where contract holders simply forfeited their security deposit and walked away when they determined that the suburban market had left them with a devalued property. Developers would then have to remarket the project's empty units in a tougher market and might not have been able to do so financially.

Io Piazza and Zoso have both gone rental too, so there are alot of frustrated purchasers out there.

hiya said...

Jeez, that building is fugly!

Anonymous said...

and the developer really screwed up by building around the gas station located in front of it on Wilson. Imagine living with a view of that or trying to sell your unit later! Several of the units look pretty spectacular but when you look at the floor plans there are some really stupid units with practically no windows. I would guess that those were the unsold units. I seem to think that that building was way behind schedule as well, so imagine waiting all those extra months for your unit only to have the project canceled out from under you when it was finally built.

Anonymous said...

I think purchasers at Joule were lucky to have their settlement cancelled and their deposit returned. There are plenty of others condos available in Arlington and more are coming (that aren't overlooking a gas station).

Justin on Jul 23, 2016, 12:32:00 PM said...

My financial statement didn't show me to be needy enough, or fit their ratios. Finally, when I called to relay that a foreclosure notice had been served and that I was running out of time, she told me to relax---she had it handled. Like a deer frozen in an oncoming car's headlights, I froze. cash advance chicago

Justin on Jul 24, 2016, 3:00:00 PM said...

The hardware will serve as your guarantee to the organization that gives business gear money. The loan fees are altered which can be from 8% to 30%, contingent upon the term. These organizations additionally offer an altered length for terms, and this gives the borrower ease in reimbursement through having the same measure of amortization consistently. Cash Advance

Robbert on Aug 21, 2016, 6:45:00 AM said...

. On the off chance that you run with a bank that charges an impressive financing cost, then it would be to your greatest advantage to look around and attempt to discover a rate that is more focused. Esanda auto advances have an in advance application preparing expense, however numerous organizations may likewise charge a higher expense. You have to take control of the choice and contrast various advance items with locate the one that suits both you and your financial plan, the best. check cashing

Justin on Aug 23, 2016, 7:03:00 AM said...

At the point when looking for an option understudy advance you will need to attempt a few organizations. You will need to look at the organizations' history with the better business agency and quest online for any sites or gatherings discussing the organization you are keen on. Auto Title Loans Chicago

Robbert on Aug 27, 2016, 7:07:00 AM said...

All things considered, to benefit the upsides of low rates of premium auto advance it's crucial for borrowers to be pleasantly versed with the present propensities of rates of enthusiasm inside the vehicle fund showcase that constantly includes a large group of loaning and financing choices. Payday Loans

Robbert on Aug 28, 2016, 9:27:00 AM said...

There are a few autos which utilize the bi-fuel choices and change adequately from CNG to gas. The choices accessible with you are Chevrolet Cavalier Bi-Fuel and Fiat Siena. You can likewise go for LPG/Petrol classification in the event that you discover the choice commendable. usacheckcashingstore.com/costa-mesa

Justin on Sep 1, 2016, 2:39:00 PM said...

These credits are allowed by the government or any outsider instructive association. These advances are given on the understudy's monetary need and might be issued by a bank or credit union or any of the administration workplaces. Cash Advance Chula-vista

marko on Sep 10, 2016, 10:00:00 AM said...

A typical alternative for understudies is to have their folks cosign for an understudy credit. The cosigner clearly should have a set up FICO assessment of good or better to qualify. Numerous cases the financing cost for this sort of understudy advance is much lower and the reimbursement terms a great deal more adaptable. Payday Loans

Paulo on Sep 18, 2016, 12:12:00 PM said...

Understudy credits are contracts like whatever other advance and are liable to laws representing contracts.Thus extortion, deception and so on are interested in test in an official courtroom. Another point in understudies support is that the understudies' advances are not enforceable when the school has shut preceding the understudy finishing his training. Payday Loans

Paulo on Oct 6, 2016, 7:54:00 AM said...

The foremost thing to recall starts from one of the savvies figures ever, your mother. Be on time and dress to stunningness, after each and every early presentation are continuing and done rapidly. Payday Loans

 

DCmud - The Urban Real Estate Digest of Washington DC Copyright © 2008 Black Brown Pop Template by Ipiet's Blogger Template