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HILCO REAL ESTATE ANNOUNCES THE ONLINE AUCTION OF A PROPOSED 38-UNIT MULTIFAMILY DEVELOPMENT SITE IN WASHINGTON, D.C.
News provided byHilco Real Estate
Sep 19, 2023, 3:02 PM ET
NORTHBROOK, Ill., Sept. 19, 2023 /PRNewswire/ -- Hilco Real Estate, LLC, announces October 26, 2023, as the online auction date for this multifamily development opportunity in the heart of Washington, D.C.'s northeast development corridor. Situated at 836-840 18th Street NE, this site has plans in place for an eight-story building with 38 units, including two penthouses with private rooftop decks on the top floor.
This sale offers investors and developers an opportunity to acquire a shovel-ready site with permits and entitlements that can be conveyed upon closing. Currently slated to be affordable housing, the next owner can take advantage of the district's affordable housing initiatives or pivot to market-rate or luxury housing.
Situated on the western side of the Trinidad neighborhood and adjacent to the trendy H Street Corridor, the location has benefitted from strong growth over the past few years. The 2020 census reported that the median household income was $97,415, a 5% increase over 2019, and the median property value was $645,700. With Capitol Hill only two miles to the east, the largest employers for the neighborhood are executive offices and legislative bodies.
This development also benefits from its setting in the center of Washington's Benning Road Development Corridor. A focal point for revitalization efforts, the corridor represents a pivotal area of urban transformation and economic growth within the nation's capital. Stretching from the eastern edge of Capitol Hill to the Maryland border, this area aims to enhance the overall quality of life for residents while attracting new businesses and investments. Notable projects such as the Benning Market, Streetcar Line expansion and affordable housing initiatives have contributed significantly to the corridor's resurgence. With its strategic location and ongoing community engagement, the Benning Road Development Corridor exemplifies a compelling case study of sustainable urban development and underscores its fundamental role in shaping the future of Washington, D.C.
This sale is being completed as an online auction. Earnest money deposits must be received on or before the auction time of October 26, 2023 at 11:00 a.m. (ET) and submitted through the approved wiring instructions in compliance with the terms of sale available for review and download from Hilco Real Estate's website.
Fernando Palacios, managing director at Hilco Real Estate, states, "This first-class location offers investors not just a property, but a stake in the future of a thriving urban community, where progress and potential converge. Don't miss your chance to be part of the transformation – seize this opportunity today."
Interested bidders should review the requirements in order to participate in the online auction available on Hilco Real Estate's website. For further information, please contact Fernando Palacios at (301) 996-5190 or firstname.lastname@example.org or Steve Madura at (847) 504-2478 or email@example.com.
For further information on the property, auction process and terms, or to obtain access to due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.
About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.
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SOURCE Hilco Real Estate
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