6-year-old-apartment-near-union-market-sold-out-of

6-Year-Old Apartment Near Union Market Sold Out Of Foreclosure


Located near Union Market, a six-year-old apartment building has been sold out of foreclosure. The building’s owner defaulted on a loan, leading to the sale. This apartment complex was completed in 2017 and has 84 units. The property fell into foreclosure earlier this year. Defaulting on loans can be a significant issue for real estate owners. The building’s new owner purchased it for $29.25 million. This marks one of the more notable foreclosure sales in the region.

So far, the new owner’s plans for the building remain unclear. They may consider renovating the property to attract tenants. Union Market’s area has seen substantial growth recently. Many developers have turned their attention to this neighborhood. This sale could influence other real estate transactions nearby. Potential investors will be closely watching how this deal evolves.

The previous owner aimed to create a high-end experience for renters. However, the competitive market made it challenging. Renters in the region have many options to choose from. Offering amenities sets many buildings apart. Real estate experts believe this area will continue to see changes. The market has its ups and downs.

Read the full story by: https://www.bisnow.com/washington-dc/news/multifamily/6-year-old-apartment-building-near-union-market-sells-out-of-foreclosure-124981