Donatelli Development Inc. will sell off two of its existing multi-family buildings, a newly completed building in Petworth and the transformative Ellington apartment building on U Street.
Donatelli's 49-unit residential building at 3801 Georgia Avenue NW has been close to delivery for the last few months, and the development team had been considering both leasing units as apartments and selling them as condos. Now the vacant building has been put on the selling block by MAC Realty Group.
Donatelli is also unloading the 190-unit Ellington apartment building, completed in 2005 and currently asking (and getting) some of the higher rental prices in the city. A source says that a "well-known" pension fund is under contract to purchase the building. Comparing the sale to the sale of the 185-unit View 14, a transaction that grabbed headlines when UDR Inc purchased the building for $104 million - $616 per residential square foot or $520,000 per unit - the source tells DCMud that the Ellington will trade for "a similarly attractive price." Donatelli had long pondered the idea of selling the Ellington as individual condos.
The Griffin, Donatelli's second Petworth project, was "designed as for-sale condominiums" according to MAC, though Donatelli never initiated sales. Speaking to the rental market in Petworth is Park Place, another Donatelli mixed-use development that delivered in 2009 across the street, the leasing manager says the 161-unit apartment building is 95.6% leased.
Designed by Eric Colbert & Associates, the 7-story Griffin is comprised of one- and two-bedroom units that range from approximately 660 to 1,100 square feet.
As a 38-year-old corporation, Donatelli has made investments in up-and-coming areas of the D.C.-metro market for years. In addition to The Ellington, Park Place and The Griffin, the Bethesda-based corporation also developed Kenyon Square condos and Highland Park in Columbia Heights, designed as condominiums but later switched out to rentals. Donatelli is currently building an addition to Highland Park that will add more rental units.
Washington D.C. real estate development news