WORLD PROPERTY CHANNEL ®

The New Amsterdam

(WASHINGTON, DC) -- The New Amsterdam, 'new' in 1950 when it was built, has generated a sale price of $11.75 million or $130,556 per apartment.

Four thousand square feet of ground-floor retail space among four outlets came with the deal.

Pennrose Management Co. of Kingston, PA sold the 90-apartment, 99-percent-leased Columbia Heights property at 2701 14th Street  to the Van Metre Cos. of Burke, VA.

By area, the 75,375-square-foot project equates to $156 per square foot.

The buyer plans a total phased renovation of the structure. Van Metre has also changed the name to Columbia Uptown Apartments.

Stacey Milam, a first vice president investments and director of Marcus & Millichap's National Multi Housing Group in Washington, D.C., represented the seller.

Tracy Edwards of Marcus & Millichap Real Estate Investment Services Inc. negotiated for the buyer.

"The ownership has acquired a rare, non rent-controlled multifamily asset in a revitalized section of Washington, D.C.," says Milam.

The New Amsterdam is four blocks from the Columbia Heights Metro Station and the DC USA Shopping Center.

The New Amsterdam has received numerous capital improvements over the past 60 years, including a new roof covering the retail space in 2007 and main roof replacement in 2008.

The lobby was renovated and remodeled in 2008. The residential units will also be renovated as they become vacant, according to Van Metre, a 55-year-old, family-run firm.

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