The Allegro, Washington, DC


FCP The Allegro Condomiums

Transaction: Acquisition through foreclosure auction of condo-finished, Class AA, urban mid-rise apartment community 

Asset Summary: 297-unit, luxury urban apartment building, including a 247-space underground parking facility and 6,071 square feet of retail space

Location: Two blocks from the Columbia Heights Metro Station in the Columbia Heights Submarket of Washington, DC, one of the top emerging submarkets in the District

Date Closed: November 2009
   
Investment Strategy: 

  • Failed condominium project needed to be recapitalized and leased as apartments
  • Close relationship with pre-foreclosure property management company provided valuable strategic insight  
  • Negotiated with developer and lender for over 18 months prior to foreclosure, allowing FCP to move decisively at foreclosure
  • Post foreclosure, worked closely with management company to accelerate lease-up
  • Reached 95% occupancy in Summer 2010

Awards:

  • Highest Lease-Up Pace - District of Columbia Apartment Community: 2010 - from Delta Associates
  • Best 2009 Multifamily Investment Sale Transaction – from Washington Business Journal, Best Real Estate Deals

Exit Strategy: Sold to core buyer in October 2012

Allegro Penthouse Kitchen Allegro Courtyard

 Allegro Living Room