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Broadway wins approval of plans to sell the DuMont

Last week Broadway401 LLC won court approval for the Chapter 11 bankruptcy restructuring they applied for two months ago on The Dumont. This applies to all 559 units in both the 401 and 425 Massachusetts Ave NW buildings.

Urbanturf is reporting that we should expect to hear news of a sale of the properties to Equity Residential (EQR) in the coming weeks. Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets.

I wonder if the properties will be renamed by new ownership to distance themselves from the past baggage surrounding the Dumont.

UPDATE (3/24/2010 11:30am): Good find from reader Steven – a listing for 425 Mass on the EQR website.

UPDATE (3/25/2010 3:30pm):WBJ reports the sales price was $167 million.

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Comments

  1. 3

    Gus says

    Alas, Steven beat me to the “they’re already online! wow!” punch. Well played, Steven — it is an honor to have lost to such a wiley foe.

  2. 5

    Tom says

    Equity apartments website has some amazing “views” from 425 Mass: such as the Kenedy Center (taken from Virginia). It also has some amazing photos of amenities: such as the swimming pool . . . from across the street at 400 Mass Ave. What’s with that?

  3. 6

    tom veil says

    These units are about 15-20% more expensive than 300 Mass and 450 Mass. Interesting decision.

  4. 7

    FourthandEye says

    It could take a long while to fill 560 units if they price above the surrounding rentals. I have to imagine there will be promotional offers or pricing in the coming months. I believe the V apartments offered two months free.

  5. 8

    pqresident says

    @tom – after checking the website, I noticed the same thing. when built as condos, the floorplans are bigger than rentals so need to make sure one is doing the $/ft2/month calculation to get good comps.

  6. 9

    FP says

    great! with more people moving in, the demand to fill the existing commercial space should increase. this means more cool places to check out!

  7. 10

    Si Kailian says

    yay more neighbors! those units are pricey for sure but they are big and probably super fancy. I hope the sale goes through and they rent fast.

Trackbacks

  1. [...] Mount Vernon Triangle – At last, the Dumont at 425 and 401 Massachusetts Avenue NW gets disposed. Equity Residential, a Chicago based REIT, picks it up for $167M and advertises the units as apartments for rent. Chalk up another couple of hundred residents for the area. Yes! [The Triangle] [...]