Investors in Petworth area of Washington D.C. are apparently seeing enormous potential in these properties in northwest D.C., which are attracting more young professionals who are drawn to the area’s more affordable prices and proximity to hip nightlife.
Petworth is one of the largest neighborhoods in Washington D.C. and investors are likely well aware this area is undergoing a significant revitalization. Among the many acquisitions going on here, Urban Investment Partners LLC has acquired The New Hampshire House apartment building at 3728 New Hampshire Ave. NW for $2.1 million, the Washington Business Journal reports.
The D.C.-based developer plans to renovate the 21-unit building, which it bought at a record amount for an occupied Class-C residential building in the Petworth market. It’s a property that sits right next to the Georgia Avenue/Petworth Metro station.
But Urban Investment Partners is just one of many investors in Petworth in recent months. At Shepherd and Georgia Avenues nearby, The Goins Building, which had long been vacant, was recently sold to a developer who plans to renovate it into condos or rental apartments. On the first level, 4,000 square feet offers an opportunity for a restaurant, but plans for the space have not been announced. This building will be redeveloped in a similar way to the building at 11th and Monroe Streets in Columbia Heights, called the Coupe.
Many of the homes in Petworth are rowhomes, so investors’ condo projects like these will likely standout to buyers and renters, although investors in Petworth are certainly investing in these row homes for resale.
While supply has fallen sharply in recent months, there are still several properties on the market in Petworth. Rock Creek Realty lists a 3BR, 1,080-square-foot row home on the market for $260,000 and a 4BR, 1,224-square-foot row home for $399,900, among others. But individual buyers here should act quickly, or they could lose the property to one of the growing number of investors in Petworth.
For More Information:
Washington Business Journals: http://www.bizjournals.com/washington/news/2012/10/22/uip-buys-petworth-apartment-building.html
Rock Creek Realty: http://www.rcrdc.com/petworth.php