New condos coming to Rhode Island Avenue – Washington Business Journal

Twenty brand-new condos are coming soon to Rhode Island Avenue, solidifying the Northeast corridor as a new hot spot for developers and residents.

PERS Development LLC paid $1.5 million for 329 Rhode Island Ave. NE and plans to convert the 32-unit apartment building into boutique condos. The project, which will also include five commercial units for sale, is expected to cost $3 million.

The property, geared towards first-time buyers, will feature a rooftop deck with a European shower to cool down sunbathers and a glass-enclosed gym. Other perks include scattered docking stations for iPads and iPods (also a popular feature in Donatelli Development’s Park Place Apartments at Petworth Metro).

via New condos coming to Rhode Island Avenue – Washington Business Journal.

DCmud – The Urban Real Estate Digest of Washington DC: Rhode Island Avenue Northeast: Development “Hotspot”

“Hotspot”Posted by Brooks Butler Hays on 8/24/2010 03:27:00 PMLabels: Marcus and Millichap, PERS, Rhode Island Ave., SGA Architects

The corner of 4th and Rhode Island Avenue, NE, may be one of the District’s least celebrated corners, but an area hitherto untapped by real estate developers, is finally getting attention. Thanks to PERS Development, a plan to remodel an abandoned 32-unit building at 329 Rhode Island Avenue NE will soon be underway, making way for “hip, boutique, luxury condominium homes.” Just a few blocks east of the Rhode Island Ave – Brentwood Metro, the project will build off the local momentum of Baltimore-based A&R Development Corp’s 8.5 acre, $108 million project including 274 new residential rental units and 70,000 s.f. of ground floor retail that broke ground this spring on the former WMATA parking lot, making the vicinity a “transit oriented developer hot spot.” PERS Development is a young and ambitious team with four completed projects under their belts, and now two more in the works. All four of their finished developments have sold out, the last being Sky DC in Randall Highlands. On their four previous projects, PERS has specialized in small, moderately-priced condos. But as advertised, this endeavor seems destined to be slightly more high end than the units sold in Randall Heights for $200,000. However, while PERS President and CEO, Ramin Bassam is promising a “very, high-end boutique product,” a price point between high $200,000s and $350,000 proves value also remains a priority. Marty Zupancic of Marcus & Millichap brokered the deal that sees the property travel from the reluctant hands of the previous owner Byung S. Shin of BSS Partnership to the more purposeful and enterprising hands of the developer.

read more via DCmud – The Urban Real Estate Digest of Washington DC: Rhode Island Avenue Northeast: Development “Hotspot”.