Big Sky Flats on the market, pre-lease up

Big Sky Flats, a 108-unit multifamily property nearing completion at 1400 Montana Ave. NE, is on the market.

Feldman Ruel Urban Property Advisors has been retained to market the MidCity-developed building set to deliver May in the Langdon neighborhood south of Brookland. It sports 34 surface parking spaces. Because it will be delivered vacant, prior to being placed in service and is located in an opportunity zone, it is likely eligible to be acquired by a qualified opportunity zone fund. It's also not subject to the District's Tenant Opportunity to Purchase Act (a selling point in and of itself) according to materials from Feldman Ruel. Offers are due by April 8.

There is no asking price for the five-story wood-framed property, which includes 75 one-bedroom and 33 two-bedroom units, with nine set aside as affordable under D.C.'s inclusionary zoning program. The new owner will be able to set the rent levels, and Feldman Ruel noted the average rent for market-rate units in the area is $2,304, and $1,450 for inclusionary zoning units.

As it offers this building for sale, MidCity is getting ready to begin work on RIA, its massive redevelopment of the Brookland Manor apartments in nearby Brentwood.