Dumont Condo For Sale: $170 Million

• April 27th 2009

by Mark Wellborn

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The Dumont Condominiums, a 559-unit, two-building development between 4th and 5th Streets on Massachusetts Avenue (see map here), is up for sale. The current asking price is $170 million which works out to about $304,000 per unit.

Originally planned as condos, the project switched to apartments when the market went downhill, and now it looks like the developer is just trying to sell the whole thing. The complex consists of two buildings: a 189-unit building where the average unit size is 786 square feet and a 370-unit building where the average unit size is 908 square feet.

Like CityVista, its neighbor a few blocks north, the Dumont Condominiums caters to most of its would-be residents’ desires. Most of the units have a private balcony or terrace as well as a reserved parking space. All the condos have been pre-wired for internet and have a washer/dryer. There is a rooftop pool in each building, as well as a fitness center, a wi-fi lounge and a bicycle storage area.

The buildings have been finished and vacant for sometime, and although it seems like a good price for such a large project, we don’t know of a lot of people in this economy who currently have $170 million that they are willing to drop on an empty condo development.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dumont_condo_for_sale_170_million/844.