FOR IMMEDIATE RELEASE
Feldman Ruel Facilitates the Sale of 1337-1339 Pennsylvania Avenue SE, a Fully-Permitted Development Site in Capitol Hill
Press Contacts: Ian Ruel, Managing Principal, (202) 318-6844 | Ryan Smith, Associate Director (202) 318-6808 | Josh Feldman, Managing Principal, (202) 318-6833
Washington, D.C., October 15th, 2024– Feldman Ruel, a leading firm in the marketing and sale of commercial investment properties in the Washington, D.C. metropolitan area, is excited to announce the sale of 1337-1339 Pennsylvania Avenue SE, a prime development site in the Capitol Hill neighborhood. The property, approved for a 20-unit multifamily project, was sold for $2,950,000 which equates to $147,500 per proposed unit.
The seller, Kehoe Construction, a local development group, had acquired the site in September 2022 with plans to build boutique condos. However, market conditions and a shift in focus toward other product types led them to sell the fully permitted project. The buyers, a partnership between a local developer and general contractor, were attracted by both the location and the existing approvals that came with the site.
"Ground-up multifamily projects have been the most challenging to transact over the past 18 months," said Ruel. "However, we are beginning to see early signs of momentum in the market. Interest rates are starting to ease, material costs are stabilizing or even decreasing, and developers recognize that projects breaking ground now will deliver at an advantageous time with respect to similar inventory due to the recent slowdown in development activity.”
About Feldman Ruel
Feldman Ruel is a commercial real estate services firm focused primarily on investment sales and property management in the Washington, D.C. metropolitan area and is consistently recognized as a market leader in the industry. Feldman Ruel successfully completes scores of transactions every year making it one of the top investment sales brokerage firms in the area. The experience and relationships resulting from hundreds of successful transactions allow the principals and agents of Feldman Ruel to provide their clients with the most accurate valuations, most effective multichannel marketing, and best advisory services available in its practice areas.