By Adrian Maties, Associate Editor
In spite of the booming apartment construction in the Washington, D.C., metro area, the condo market is tight, with just nine-and-a-half months of new inventory available in the region, on average, according to Marcus & Millichap Real Estate Investment Services. The demand to own condos in the market is high and growing. That’s why a historic building in the heart of Washington, D.C.’s Georgetown neighborhood is already more than 50 percent pre-sold, months before the completion of its renovation.
Called the Montrose Residences, this four-story Georgian structure is located at 3052 R St., N.W. Built in 1987, it was the Henry and Anne Hurt Home for the Blind from 1916 until 1987, when the city acquired the property and used it to house foster children. Now, the Montrose is home to 15 of the city’s most exciting new luxury condos.
The Argos Group has partnered with Potomac Investment Properties to bring new life to the historic building. They are now putting the finishing touches on a renovation project that started in 2010. Sorg Architects designed the project. Urban Pace is managing sales and marketing services.
“Over 50 percent of the elegantly renovated condominiums at The Montrose Residences were pre-sold, with prices beginning at $1.65 million,” Lynn Hackney, president of Urban Pace, said in a statement for the press. “This stunning historic renovation provides a once-in-a-lifetime opportunity for people to put down roots in the neighborhood that has housed presidents and world leaders for over a century.” Some of the condos were purchased sight unseen and several residents have already moved in.
The Montrose maintains the original façade. Its interior was designed to evoke the history of the building, while providing modern systems and classic finishes. It features modern two- and three-bedroom condominiums with a host of upscale amenities, such as extra-large historic windows, six-inch plank white oak engineered flooring, Electrolux washers and dryers, luxurious bathrooms, private off-street parking spaces and much more. The property sits across the street from the historic Dumbarton Oaks mansion and gardens, and within walking distance of more than 500 shops, restaurants, art galleries, hotels and service establishments.
“The Montrose Residences are unique,” Hackney added. “Some are flats, some have two floors, and a few have their own private elevators. You might find a large window in a smaller room such as a bathroom, but these non-standard elements add to the building’s charm.”
Photo courtesy of LHB Communications, Inc.