Hilco Real Estate, LLC has announced an online auction date of October 26, 2023, for a multifamily development opportunity located in the northeast development corridor of Washington, D.C. Situated at 836-840 18th Street NE, the site has plans for an eight-story building with 38 units, including two penthouses with private rooftop decks.
This auction presents an opportunity for investors and developers to acquire a shovel-ready site with permits and entitlements that can be transferred upon closing. The property is currently intended to be affordable housing, but the new owner can also consider market-rate or luxury housing.
Located in the Trinidad neighborhood, adjacent to the H Street Corridor and Capitol Hill, this development benefits from the area’s strong growth in recent years. The median household income in 2020 was reported to be $97,415, representing a 5% increase from 2019. The median property value was $645,700. The largest employers in the neighborhood are executive offices and legislative bodies.
The site also benefits from its location in the Benning Road Development Corridor, which is a focal point for urban revitalization efforts in Washington, D.C. Stretching from Capitol Hill to the Maryland border, this corridor aims to improve the quality of life for residents and attract new businesses and investments. Notable projects in the corridor, such as the Benning Market, Streetcar Line expansion, and affordable housing initiatives, have contributed significantly to its resurgence.
The auction will be conducted online, and earnest money deposits must be received by October 26, 2023, at 11:00 a.m. (ET). Interested bidders can find further information and participate in the auction through Hilco Real Estate’s website.
Fernando Palacios, managing director at Hilco Real Estate, emphasizes that this location offers investors the opportunity to be part of a thriving urban community and urges interested parties not to miss their chance to be part of the transformation.
For more information and to access due diligence documents, interested parties can visit HilcoRealEstate.com or contact Fernando Palacios or Steve Madura at Hilco Real Estate.