Thursday, April 08, 2010

Mt. Vernon's Dumont Sells for $167 Million

Today, the lagging and tangled fate of the Dumont was finally sealed, when Equity Residential acquired the property in a $167 million, all-cash transaction. The Dumont has sat at 425 Massachusetts Ave complete and vacant since the building was substantially completed in early 2009. Equity will be leasing the Dumont's 559 units as rental apartments, though the building was originally intended as condos.

Designed by Esocoff & Associates, the Dumont's sob story escalated in December 2008 when lender PB Capital issued a foreclosure to then-developer The Broadway Group, which had defaulted on the debt. Real estate sales by McWilliams Ballard began in April of 2006 and ended in September of 2008 with only about 150 of the 559 units sold; the project has largely sat vacant since that time.

Washington, DC real estate development news


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