D.C. Starting to Cannibalize its Rental Housing Again
The Washington Business Journal's Tierney Plumb reports this morning that 1801 and 1811 Wyoming Avenue–two handsome, whitewashed buildings in lower Adams Morgan–have been bought by Urban Investment Partners, which plans to renovate and convert them into condos.
And that's only the beginning, suggests Ari Firoozabadi of Marcus and Millichap, which arranged the sale.
“Anything west of Columbia Heights and south of Military Road over is great for condo conversion,” Firoozabadi told the WBJ. “There seems like a lot of demand.”
It's one thing to take vacant, abandoned buildings and turn them into livable units, as UrbanTurf investigated last month. It's another to take serviceable rentals and convert them into expensive condos, which will inevitably displace some people in the process. With the pent up condo demand that brokers have been warning about for months, anyone hoping to rent affordably in D.C. should hope and pray that Doug Jemal manages to get his downtown apartments built, and that the infill continues at a steady rate.