Gianni Parente Of Turio Residential Company Acquires 67-Unit Multifamily Building In Washington DC For $16M

The property involved in the transaction is a 67-unit multifamily building located at 1324 North Capitol Street Northwest in Washington, DC. The sale was completed for a total price of $16,000,000, resulting in a price per unit of $238,806. The asset was previously used as an extended-stay hotel and is now being converted into traditional apartments, with an anticipated 18-month lease-up period.

Summary of transation details:

• Property Type: MultiFamily
• Transaction Amount: $16,000,000
• Units: 67
• Price Per Unit: $238,806
• Buyer: Gianni Parente
• Buyer's Company: Turio Residential Company
• Address: 1324 North Capitol Street Northwest
• Market: Washington, DC

In this transaction, Gianni Parente represented Turio Residential Company as the buyer, acquiring the property with plans to transition it from an extended-stay hotel into traditional apartment units.