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Real Estate Movement in Brightwood

Real Estate Movement in Brightwood

This story comes to us from Leslie Braunstein and Urban Investment Partners:

Perseus Realty Getting Ready to Break Ground on Apartment Complex, YMCA at 14th and W

This story comes to us from Leslie Braunstein:

Perseus Realty, LLC (Perseus Realty) of Washington, D.C. and its joint venture partner Jefferson Apartment Group (JAG) of McLean, Virginia will begin construction shortly on a new mixed-use development at 14th and W Streets, N.W. in Washington, D.C. The approximately 300,000 square foot project will have 231 rental apartments, an all-new 44,000 square foot YMCA facility, and over 10,000 square feet of ground-level retail space.  With equity financing from Rockpoint Group, L.L.C. and a $53 million construction loan from Wells Fargo Bank, NA, the development team will begin demolition of the existing buildings in early December. The state-of-the-art YMCA and first apartments will deliver in summer of 2012, with the remaining apartments delivering by fall of 2012.


Urban Investment Partners Purchases Brightwood Property in Multi-Million Dollar Dear

This story comes to us from Leslie Braunstein:

Urban Investment Partners (UIP), a Washington, D.C.-based real estate investment firm, has acquired the 55-unit apartment building at 812 Jefferson Street in Brightwood for $3.6 million. The property was sold by Novo Development Corporation of Washington, D.C. The building will be managed by UIP Property Management and will remain a rent controlled rental property.

“Brightwood is a beautiful, tree-filled up-and-coming upper Northwest neighborhood that encompasses Walter Reed Army Medical Center, Fort Stevens, and much of Rock Creek Park including its horse center, tennis center, and golf course,” said Steve Schwat, Principal, Urban Investment Partners.

New Brightwood Vida Senior Housing Building Has Target Date of Summer 2011

The new Vida senior housing building that is being constructed in Brightwood has a target date of opening in the summer of 2011, according to Vida representatives.

The Brightwood location, which broke ground in July, will provide Vida with an additional 36 units of affordable  senior housing.  The building will be set on Missouri Avenue on what used to be a vacant lot.

The rental units will be spread throughout the four story building, and there will be a fifth floor dedicated to activities and services for residents.