New Amsterdam Mixed-Use Property Changes Hands for $11.7M

The New Amsterdam, a 75,375 square-foot multifamily and retail property in Washington, D.C., has been sold for $11,750,000. That price represents $156 per square foot, or $130,556 per unit.

March 15, 2010
By Allison Landa, News Editor

Courtesy Flickr Creative Commons user Hong Kong dear Edward

The New Amsterdam, a 75,375 square-foot multifamily and retail property in Washington, D.C., has been sold for $11,750,000. That price represents $156 per square foot, or $130,556 per unit.

The property is located in the Columbia Heights neighborhood at 2701 14th Street, four blocks from the Columbia Heights Metro Station and the DC USA Shopping Center. Its 90 residential units are currently 99 percent occupied and its four ground-level retail spaces comprise 4,000 square feet. It was built in 1950 and has undergone recent improvements including a roof replacement and lobby renovation in 2008.

Stacey Milam, a first vice president of investments and director of Marcus & Millichap’s National Multi Housing Group in Washington, represented the seller, Pennsylvania-based Penrose Management Co. The buyer was represented by Tracy Edwards, a multifamily investment specialist also in Marcus & Millichap’s Washington office, represented the buyer, Virginia-based Van Metre Co.

“The ownership has acquired a rare, non rent-controlled multifamily asset in a revitalized section of Washington, D.C.,” Milam said while announcing the sale.