Another large multifamily building traded hands in DC. According to Washington Business Journal, Chicago based Equity Residential bought the 559-unit Dumont complex in DC out of bankruptcy court for $167 million, approximately $299K per unit.
Dumont is located in the Mount Vernon Triangle area, an up-and-coming neighborhood in downtown Washington, DC. The complex was developed by New York based Broadway Management Co. The units were originally marketed as condos, but now they are in the process of being converted to rentals.
In February, the troubled Broadway Management Company sold the 432-unit Senator Square in DC at auction for $121 million/$280K per unit. Also a failed condo project.