Fahrenheit Building Sold to Erkiletian Development for $14.3M
WASHINGTON, DC – March 31, 2015 – DTZ, a global leader in commercial real estate services, today announced that it has assisted PERS Development, one of D.C.’s fastest growing Development firms, in delivering the $14.3 Million sale of 3930 Georgia Avenue in NW Washington, DC. Managing Director Chris Doerr represented the seller, Ramin Bassam, in delivering a near-completed 31-unit, Class A mixed-use property located in the Petworth neighborhood with the same fixture, finish and quality that D.C. has come to expect from PERS Development. The building has been left in good hands as the buyer was Erkiletian Development, a company with an established and prestigious presence in the Greater D.C. Metropolitan area with experience in delivering both high-end condos and apartments.
3930 Georgia Avenue is a newly-constructed building with 2,840 SF of ground floor retail, located just two blocks from the Georgia Ave-Petworth Metro Station and only one block from the recently completed Petworth Safeway, with access to popular areas such as 11th Street, Columbia Heights, 14thStreet and the U Street Corridor. The property offers a range of one, two and three-bedroom floor plans. Building amenities include rooftop deck with grilling area, on-site parking, resident storage space, and keyless entry and security access system.
“This project reinforces the continued transformation of Petworth and the green line into a hub for Millennials and Class A apartments,” said Doerr.
“Since beginning development in Washington D.C. in 2006, Petworth has blossomed to the next exciting neighborhood,” said Bassam. “We are glad to help the neighborhood move closer to its full potential.”
The area’s continued growth is evident by the forecasted five-year population growth of 10.15% within one mile of the property.