Rehab Residential and Office Condo
Factual Data: Developed by Pacific House, LLC, including MAG and Peak Companies as co-managing members. Located at 1615 New Hamphsire Avenue, NW, Washington, DC in the Dupont Circle neighborhood.
- 11 apartments, 18,000 sq.ft. office
- Awarded project after competition through tenant group which had first right of refusal to purchase through local D.C. law
- Negotiation with tenant group to obtain condominium conversion for residential and office condominiums
- Complex due diligence, including obtaining Certificates of Occupancy for office tenants which were not in place
- Negotiation with existing office tenants to either purchase or relocate
- Acquisition/Renovation financing
- Successful marketing of office condominium project, a market niche in D.C.
- Sellout of 11 residential units, including 4 to existing tenants.