DC’s Rittenhouse Apartments Put on the Block
- Sep 16, 2014
Washington, D.C.—Rittenhouse Apartments, a 208-unit property in Washington, D.C., has been put on the market by TIAA-CREF, which has owned it for only about six months. The property dates from the late 1950s, and was developed by Abe Pollin, a renowned D.C.-area contractor and developer (died 2009) who also was a majority owner of the NBA’s Washington Wizards and the NHL’s Washington Capitals.
During TIAA-CREF’s short ownership, the investor made some renovations to the property, including upgrades to the units and new signage. It was also able to add four residential units (increasing the total to the current 208) by creating apartments from some of the structure’s retail space.
Amenities include a resident concierge, a computer lounge, a 24-hour fitness center, a game room and a swimming pool. The property has on-site management and on-site maintenance, and it also offers residents reserved garage parking spaces for an additional fee, or reserved outdoor parking for a lower fee.
Rittenhouse Apartments is directly across from Rock Creek Park and Golf Course. It’s also within walking distance to the planned Parks at Walter Reed, and the district’s first Walmart on Georgia Ave. The closest transit is in the form of Metrobus stops, but the area is served by Metrorail Stations at Takoma and Fort Totten on the Red and Green Lines.
The owner has tapped Bethesda, Md.-based Greysteel Co.’s Mid-Atlantic multifamily sales staff to take the property to market as a value-add. The sales effort will be led by Ari Firoozabadi, John F. Mullen, W. Kyle Tangney, Lance Ahmadian, Caleb Brown, Mike Bediones and Jake Ying. Mullen says that further unit renovations “may allow a new owner to achieve upwards of 30 percent in excess of current effective rents.”