Elysium Fourteen, a luxury apartment building at 14th Street and Wallach Place NW that combined historic buildings with new construction, is under contract to sell for $43 million.
Arlington-based Snell Properties has agreed to buy the 56-unit property at 1925 14th St. NW from Madison Investments, per a release. Elysium Fourteen was completed in 2016. CBRE’s Robert Meehling and Yalda Ghamarian brokered the deal.
The price works out to about $767,000 per unit, though the building does include about 11,000 square feet of retail.
Snell Properties’ existing portfolio is concentrated in Northern Virginia — dominated by the 2,321-unit Southern Towers in Alexandria. It also owns the Ames Center in Rosslyn, among other commercial properties. Elysium Fourteen will be its first D.C. property.
“Elysium Fourteen is a generational asset that offers beautiful apartment homes in one of the best neighborhoods in Washington, D.C.,” Peter Colarulli, Snell’s vice president of development, said…Read the full story from the Washington Business Journal.