Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Denrike Building in Downtown DC Targeted for Acquisition, Multifamily Conversion
ACRES Capital Corp., has originated a $12.6-million loan to fund the acquisition and pre-development of the Denrike Building at 1010 Vermont Avenue NW in downtown Washington, DC.
Drew Miller of ACRES originated the loan on behalf of 1010 Vermont Avenue, LLC. It was arranged by Lindsay Stroud of Savills.
The 11-story, Gothic Revival-style office building will be converted into an 89-unit multifamily building with 4,081 square feet of ground floor retail. The property is within walking distance to attractions such as the White House, major universities and to Metro stations.
“Repurposing and repositioning properties for updated market needs is proving to be a core focus to move forward post-pandemic,” said ACRES CEO and president Mark Fogel. “With the increase of office vacancies, 1010 Vermont Avenue NW presented a great opportunity for an adaptive reuse project that supports the market’s demand transition from office space to residential in the DC area.”
- ◦Sale/Acquisition
