Wright Investment Properties sells adjacent parking area for condo development in Washington, DC.
Cordova, TN, March 2004 – Wright Investment Properties, Inc. recently sold the adjacent parking lot to their Holiday Inn Downtown Washington DC located at the intersection of 14 th Street and Massachusetts Avenue. The purchaser is PNH 14 th Street LLC. They are a subsidiary of the well-known PN Hoffman Construction & Development group and will begin developing 110 upscale condos in the fall of 2004. The construction schedule should take 18 to 24 months and should greatly enhance the already burgeoning “East Side”. There are several multi-family and condo developments in various stages of construction in this greatly improved Downtown Washington, DC area.
The property is located six blocks from the White House, just a few blocks from the new 2,300,000 square foot Convention Center and minutes from national monuments. The purchase price was $7,400,000 for 12,191 feet or $607 per foot.
Wright Investment Properties is a leading privately held national hotel development company that is consistently recognized as one of the top 35 hotel management companies in the United States by Hotel Business Magazine . Wright's development focus is on primary and secondary markets. For more information on the company visit their website at www.wrightinvestments.com. |
