Ashforth continues to expand its multifamily housing investment portfolio. Over the past year with its primary investment partner, Bedrock, LLC and several other partners, Ashforth invested in two multifamily properties in the Washington, DC market. The portfolio now includes nine properties totaling close to 900,000 square feet and over 1000 apartment units.
The group acquired 2144 California Street, NW, a nine-story, 113-unit apartment building located within Washington, D.C.’s affluent Kalorama Heights neighborhood. Originally built in 1958, the property will undergo an extensive renovation of both individual units and common areas. Construction is expected to begin in late spring.
The Patterson House is the group’s second DC investment. Originally designed by renowned architect Stanford White in 1903, the Neoclassical-style property, located directly on Dupont Circle, will be redeveloped into 92 fully-furnished, luxury apartment units. The project is currently undergoing a full renovation of the historic mansion and the addition of an eight-story wing.
“Our multifamily acquisitions in Washington, DC are attractive investments for us because of the location and the strong rental market. After completing the major improvements, we believe these assets will be well-positioned to perform well,” said John Harvey, Vice President of The Ashforth Company and an Associate of Bedrock, LLC.
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