Showing posts with label Tenacity Group. Show all posts
Showing posts with label Tenacity Group. Show all posts

Monday, April 26, 2010

Takoma Overlook: Conversions Continue

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Not every condo developer is sitting on the sidelines, waiting for the market to improve. Even in the suburbs, some are betting that the lack of competition means that condo conversions are still viable. To that end, DC-based Tenacity Group is still converting units in their Takoma Overlook project from rental apartments to market-rate condos. The team purchased the Hampshire Towers apartments in mid 2006 for $15.3 million and rechristened them Takoma Overlook; the 1960s high-rise at 7333 and 7401 New Hampshire Avenue is just outside DC in Takoma Park neighborhood of Maryland. In 2007, the team's general contractor, Monarc Construction, began gutting the rental units and converting them to for-sale condos ranging in size from efficiencies to three-bedroom units.

The team at Monarc construction completed renovations on the first phase, covering the 94 units of the north wing, in December 2009, now 50% sold, according to the sales office. Now the team is working on both the South and West Wings (not of Jed Bartlet fame) to convert yet more units. The work in the West Wing's 44 units is now underway, with 8 units sold; the development team expects the first units to be ready by June. Work has even begun on the 94 units of the South Wing, which should begin delivering by the end of this year. The team is largely delivering one-bedrooms first because of demand; three-bedrooms will come last. Greg Coupe, Project Manager at Monarc Construction, said the project could finish as early as December.

The building is FHA approved, with one bedrooms from $124,500 and "huge" two-bedrooms from $229,500. Sales began in October of 2007.

Takoma, Maryland real estate development news

Friday, June 02, 2006

New Residential Project Announced for Takoma Park

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7333 New hampshire avenue, Takoma Park real estate
Monarc Construction, DC commercial real estateTakoma Park is about to see one of its big circa-1960’s bland box projects
undergo a transformation into the 21st century. The Hampshire Towers, located at 7333 New Hampshire Avenue, has recently been purchased by DC-based Tenacity Group and the Community Preservation and Development Corporation (CPDC) for $15.3 million. Initial plans call for the larger of the two towers to be converted into 232 condo units (sales by Tenacity), while the second building will house 218 rental units reserved for low-income tenants (management will be run by the development corporation). This preservation of one tower for rental units is a nod toward Takoma Park’s demographics and history as a rent-controlled renter refuge – while 23 percent of Montgomery County residents are renters, this number jumps to 55 percent in Takoma Park. Monarc Construction has been hired as the main contractor for this work, which is expected to begin early 2007, and will be conducted on a rolling basis.
 

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