{"id":1004099520,"date":"2014-06-27T12:58:38","date_gmt":"2014-06-27T20:58:38","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=272007"},"modified":"2020-04-06T03:47:21","modified_gmt":"2020-04-06T11:47:21","slug":"jv-pays-70m-for-historic-south-cathedral-mansions-apartments-with-plans-to-start-renovation-this-fall-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-pays-70m-for-historic-south-cathedral-mansions-apartments-with-plans-to-start-renovation-this-fall-2\/","title":{"rendered":"JV Pays $70M for Historic South Cathedral Mansions Apartments, with Plans to Start Renovation This Fall"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/98642.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-272009\" title=\"98642\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/98642.jpg\" alt=\"\" width=\"300\" height=\"199\" \/><\/a><\/p>\n<p>A new joint venture of Commonwealth Residential and CAS Riegler called Commonwealth Cooperative has purchased South Cathedral Mansions.\u00a0The joint venture\u2019s first acquisition, it\u00a0paid $70 million for the 131-unit historic property at\u00a02900 Connecticut Ave., N.W., in D.C.\u2019s Woodley Park neighborhood.\u00a0HFF represented the seller, the Calomiris family, which acquired the property in 1961.<\/p>\n<p style=\"text-align: justify;\">Commonwealth Cooperative, whose members have extensive experience in the city\u2019s multifamily market, has plans to renovate the landmark apartment building, which was constructed in 1922 by the iconic team of Harry Wardman and Mihran Mesrobian and is currently included on both the National Register of Historic Places and the D.C. Inventory of Historic Sites. During its almost 100 years in existence, South Cathedral Mansions has only changed hands four times.<\/p>\n<p style=\"text-align: justify;\">Commonwealth Cooperative will start work on the two-year project this November. It is working on the renovation together with the South Cathedral Mansions Tenant Association, with property management provided by Oculus Realty and construction services by Snead Construction.<\/p>\n<p style=\"text-align: justify;\">\u201cWe are bringing a new approach to working with tenants\u2019 associations, based on honesty, transparency and flexibility,\u201d said Brad Gilchrist, managing principal of Commonwealth Residential, in a statement. \u201cThe tenants who have chosen to continue renting here will benefit from a highly innovative profit-participation plan.\u201d<\/p>\n<p style=\"text-align: justify;\">The renovation project will add all-new unit interiors, central HVAC, upgraded common areas, a state-of-the-art fitness center, unique community space within the original carriage house and other improvements. It also calls for the creation of 29 new units by reconfiguring the apartment layouts and incorporating previously unused attic space. Seventeen of the new units will feature 20- to 30-foot ceiling heights.<\/p>\n<p style=\"text-align: justify;\">\u201cUpon completion of these extensive renovations, South Cathedral Mansions will compete with Class A properties along Connecticut Avenue and in other sought-after neighborhoods of Washington,\u201d said Kevin Riegler, principal of CAS Riegler. \u201cWe have an in-depth understanding of the way these buildings were built, how to preserve them and how to ensure that they last into future generations.\u201d<\/p>\n<p style=\"text-align: justify;\"><em>Photo courtesy of<\/em> <em><a href=\"https:\/\/www.lhbcommunications.com\/\" target=\"_blank\" rel=\"nofollow\">LHB Communications<\/a><\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Cathedral Mansions is a landmark apartment building located 2900 Connecticut Avenue, NW, in D.C.&rsquo;s Woodley Park neighborhood. It was constructed in 1922 by the iconic team of Harry Wardman and Mihran Mesrobian and is currently included in both the National Register of Historic Places and the D.C. Inventory of Historic Sites. During its almost one hundred years of existence, South Cathedral Mansions only changed hands four times, the last sale taking place recently.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[1815],"class_list":["post-1004099520","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JV Pays $70M for Historic South Cathedral Mansions Apartments, with Plans to Start Renovation This Fall - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jv-pays-70m-for-historic-south-cathedral-mansions-apartments-with-plans-to-start-renovation-this-fall-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JV Pays $70M for Historic South Cathedral Mansions Apartments, with Plans to Start Renovation This Fall\" \/>\n<meta property=\"og:description\" content=\"South Cathedral Mansions is a landmark apartment building located 2900 Connecticut Avenue, NW, in D.C.&rsquo;s Woodley Park neighborhood. It was constructed in 1922 by the iconic team of Harry Wardman and Mihran Mesrobian and is currently included in both the National Register of Historic Places and the D.C. Inventory of Historic Sites. During its almost one hundred years of existence, South Cathedral Mansions only changed hands four times, the last sale taking place recently.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jv-pays-70m-for-historic-south-cathedral-mansions-apartments-with-plans-to-start-renovation-this-fall-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-06-27T20:58:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-06T11:47:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/98642.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-pays-70m-for-historic-south-cathedral-mansions-apartments-with-plans-to-start-renovation-this-fall-2\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jv-pays-70m-for-historic-south-cathedral-mansions-apartments-with-plans-to-start-renovation-this-fall-2\/\",\"name\":\"JV Pays $70M for Historic South Cathedral Mansions Apartments, with Plans to Start Renovation This Fall - 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