1788 Holdings, Persimmon Capital Partners to Redefine Luxury Condo Living in D.C. with The Lauren
- Jul 07, 2014
Another luxury condo development has broken ground in the Washington, D.C., area. Called The Lauren Residences, it will deliver 40 condominiums to downtown Bethesda in the early spring of 2016. 1788 Holdings and Persimmon Capital Partners are the project’s developers. With The Lauren, they plan to “redefine Washington, DC’s concept of luxury condominium living.”
The new building will be located at 4901 Hampden Lane. It will include 29 estate-quality condominium units, five for-sale guest/amenity suites and six affordable units. The 29 condominium units will include more than 2,500 square feet of living space and numerous amenities, such as nine- and 10-foot ceilings, vented fireplaces or a robust home automation system.
The developers did not disclose the cost of the project. However, they did announce the other members of the development team: Robert M. Swedroe Architects is The Lauren’s architect, with the Akseizer Design Group as interior designer and James G. Davis Construction as the general contractor. Debt financing has been provided by Apollo Commercial Real Estate Finance Inc., a commercial mortgage REIT managed by an indirect subsidiary of Apollo Global Management. TTR Sotheby’s International Realty will be in charge of sales and marketing.
“We challenged our world-class architectural and interior design teams to help us to create a project which would redefine Washington, DC’s concept of luxury condominium living such that we could deliver a best-in-class development that would rival those found in certain other premier U.S. gateway cities. Based upon the reviews the project has received from prospective clients during its initial marketing, the team did not disappoint,” Larry Goodwin, managing principal of 1788 Holdings, said in a news release.
As the Washington, D.C., condo market remains tight, several developers have recently started or plan to soon start work on new projects. Just last month, Bozzuto Homes announced its intention to start work on its second D.C. condo development this year. At about the same time, the Goldstar Group acquired a luxury extended-stay apartment complex in Arlington, with plans to convert its units into condominiums.
According to Marcus & Millichap, a wave of new apartments is expected to come online this year, and most of them will be luxury units, appealing to the city’s high-income renters. Developers will deliver approximately 18,000 apartments this year, the largest addition to the apartment stock in more than 10 years. These new units will expand the District’s inventory by 3.3 percent, pushing up vacancies to 5.9 percent. However, rents in the metro are expected to rise by 2 percent, to $1,562 per month.Photo credit: TTR Sotheby’s International Realty Chart courtesy of Marcus & Millichap.