Snell Enters D.C. Luxury Market With $43M Buy
- Oct 18, 2018
Snell Properties has acquired its first luxury community in Washington, D.C., Elysium Fourteen. Developer Madison Investments sold the 2017-built property for $43 million. According to Yardi Matrix, the property became subject to a $34.2 million refinancing loan, provided by Blackstone Group.
Madison Investments constructed Elysium Fourteen on the site of two historic buildings, initially built in 1897 and 1904. Developers renovated the old buildings and constructed an adjacent nine-story tower. The property now also includes 12,800 square feet of ground floor retail. In addition to Elysium Fourteen, Madison Investments recently completed Elysium Logan, a 32-unit luxury condominium development in central Washington, D.C.
Luxury lifestyle in D.C.
Elysium Fourteen is also located in central D.C., at 1925 N.W. 14th St. Of its 56 units, the floorplan mix consists of three studios, 40 one-bedroom and 13 two-bedroom configurations, including a two-bedroom penthouse. Units range in size from 471 to 1,191 square feet, with some featuring private balconies and patios. Common-area amenities include a clubhouse and fitness center. The retail component is currently leased to Lululemon, Jeni’s Splendid Ice Cream and Orange Theory Fitness. Elysium Fourteen is LEED-certified.
According to Yardi Matrix, the community was at 89 percent occupancy as of September. Monthly rents at Elysium Fourteen average $3,498.
The central location ensures immediate access to all D.C. has to offer. Elysium Fourteen is within walking distance of subway and bus stations, upscale restaurants, retail and several culturally significant destinations. Capitol Hill is about 3 miles from the community. Nearby major thoroughfares include Rhode Island and Georgia avenues and Interstate 395.
Photo courtesy of Madison Investments